Federal Reserve names outside leaders for five task forces reviewing central bank operations

What are these task forces supposed to do?

They are meant to review core parts of the Fed's policymaking process, including how it communicates decisions, manages its balance sheet, uses economic data, evaluates productivity and employment, and approaches inflation analysis FXStreet,Straits Times,Morningstar.

Who is leading the review?

The Fed selected 15 outside leaders across the five groups, drawing from academia, former central banks, and business. Reported members include Mervyn King, Raghuram Rajan, Raj Chetty, Marc Andreessen, Doug McMillon, and Asha Sharma Reuters,U.S. News & World R…,CNN International.

When will the task forces have an impact?

The groups are expected to deliver recommendations later this year, but the sources do not say what changes will be adopted; their findings are to be submitted to the Federal Open Market Committee for consideration NewsMax,cnbctv18.com,Morningstar.