Warsh: "We've missed on inflation for five years and we're going to fix that"

Fed's Chair Warsh: I am appointing a task force in 5 areas. 1. Fed Communications 2. Fed's Balance Sheet 3. Use and reliance on existing data sources 4. Productivity and jobs 5. Fed's inflation frameworks Fed's Chair Warsh: Each independent task force will have the best minds inside and outside the economics profession. Fed's Chair Warsh: I expect to propose changes, including to the summary of projections. Fed's Chair Warsh: The task force on inflation frameworks will examine drivers of inflation.

Fed's Chair Warsh: There is one proposal on the table, very little discussion on it, and no discussion of any other proposals. We had a good family fight on it. Fed's Chair Warsh on Task Forces: We are not outsourcing decisions. Task forces will make recommendations. Fed's Chair Warsh: I am not going to offer commentary on market reaction today. We've given markets a new chapter for the Central Bank.

Fed's Chair Warsh: I don't believe we have a cruel choice between full employment and stable prices. FED'S WARSH SAYS MORE WORK IS NEEDED ON PRICE STABILITY BUT ALL 19 FOMC MEMBERS AGREED NO TIGHTENING WAS NEEDED TODAY. Fed's Chair Warsh: My read of what I heard in the room, reflected in projections, was that half of colleagues felt rates should be lower and half should be higher. Fed's Chair Warsh: A new communication framework by the year-end wouldn't surprise.