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The new chairman of the Federal Reserve, Wash, announced during his first press conference in Washington that he will initiate the advancement of reform work at the Federal Reserve, including the establishment of five new special workgroups. Wash said, "I will establish workgroups in five areas closely related to the execution of monetary policy - first, the communication mechanism of the Federal Reserve; second, the balance sheet of the Federal Reserve; third, the use and reliance on existing data sources; fourth, productivity and employment issues in the era of transformation; and fifth, the inflation framework of the Federal Reserve. These topics are all of practical significance and important impact, in my view they are worth a comprehensive reexamination." He expressed his hope that the majority, or even all, of the workgroups could complete their work by the end of this year. The relevant teams are still in the process of formation and are expected to start in the next few weeks and provide a preliminary analysis framework in the fall. Wash also stated that the workgroup responsible for the communication mechanism is expected to eventually propose "carefully considered adjustment suggestions," which may include modifications to the Federal Reserve's Summary of Economic Projections (SEP). SEP contains a "dot plot" that displays the interest rate expectations of 19 senior officials.