By Bryan Mena, CNN
(CNN) — Federal Reserve Chairman Kevin Warsh on Thursday unveiled the members of the five task forces that will examine key issues that shape US monetary policy.
In addition to economists and former central bankers, they include prominent business leaders such as former Walmart CEO Doug McMillon; Marc Andreessen, cofounder of Andreessen Horowitz; and Asha Sharma, the executive vice president and Xbox CEO at Microsoft.
The new teams will “operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings for the Federal Open Market Committee,” Warsh said in a statement.
Warsh first announced the initiative at his inaugural press conference as new chairman of the central bank, in June, saying the panels would study factors affecting the Fed’s monetary policymaking, including productivity. That fueled speculation that Warsh may be more open to lowering rates this year. Last year, he said AI could justify rate cuts if the technology can deliver a meaningful boost to productivity.
He has noted an uptick in productivity over the past year and hinted at its continued influence on the economy, saying: “If the last four quarters are an indication, which is really largely before the advent of the new surge in what artificial intelligence can do, I think there’s reason to be optimistic now.”
This is a developing story and will be updated.
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