Fed appoints external experts to lead five monetary policy task forces

The Federal Reserve announced on July 9, 2026 that it has established five task forces to examine core aspects of monetary policy. Chairman Kevin Warsh said the Fed's "commitment to price stability and maximum employment is unwavering" and that the task forces will help ensure the institution is "best positioned to achieve our objectives in this consequential time."

Each task force will be co-led by external advisers with deep expertise. The Communications task force will be led by Peter R. Fisher of the University of Washington, Arminio Fraga of Gávea Investimentos and former Brazil central bank president, and Mervyn King, former governor of the Bank of England. The Balance Sheet Policy group will be headed by Harvard economist Karen Dynan, former Reserve Bank of India governor Raghuram Rajan, and former Fed governor Jeremy Stein. The Data task force will be led by Harvard economist Raj Chetty, former Walmart CEO Doug McMillon, and University of Chicago economist Kevin Murphy. The Productivity and Jobs task force will be overseen by Andreessen Horowitz co-founder Marc Andreessen, Stanford economist Charles I. Jones, currently on leave at Anthropic, and Microsoft executive Asha Sharma. Finally, the Inflation Frameworks task force will be chaired by Harvard economist Greg Mankiw, former CEA chairman; Nobel laureate Thomas Sargent of New York University; and William White, senior fellow at the C.D. Howe Institute.

Federal Reserve staff will support the groups, which are expected to operate independently, follow the evidence, provide candid feedback, and produce rigorous findings for the Federal Open Market Committee. The task forces are charged with reviewing policy tools, analytical methods, and institutional approaches.

The Fed indicated that additional details on the task forces and their topics will be posted periodically on its website.