MNI POLICY: Fed to Gather Outside Views on Policy Process

By Jean Yung

     WASHINGTON (MNI) - The Federal Reserve said Thursday it plans to invite

external stakeholders to review its policymaking processes next year in a broad

outreach effort that appears similar to what some other central banks do from

time to time. 

     "With labor market conditions close to maximum employment and inflation

near our 2 percent objective, now is a good time to take stock of how we

formulate, conduct, and communicate monetary policy," Fed Chair Jay Powell said

in a press release.

     The Fed will organize a research conference June 4-5, 2019 at the Chicago

regional bank as well as host a series of public events around the country to

hear from a "broad range of interested stakeholders," the central bank said. 

     Afterward, officials plan to discuss the feedback they heard as well as

report their findings. 

     The review does not appear to be an audit of the Fed's monetary policy but

rather another step toward establishing a more transparent and accountable image

for the U.S. central bank. Powell in public remarks Wednesday also reiterated

his commitment to building public trust in the central bank. 

--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com

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