Federal Reserve Chairman Powell formed an external expert team to review the monetary policy framework.

Federal Reserve Chairman Kevin Warsh has formed five working groups to conduct a comprehensive review of the Federal Reserve's monetary policy operating framework, covering areas such as balance sheet management, policy tools, and the impact of artificial intelligence. The Federal Reserve stated that each working group will operate independently, conduct research based on facts, and submit rigorous analysis results to the Federal Open Market Committee. The working groups will assess whether there is room for improvement in policy tools, analytical methods, and policy frameworks. The members of the review team include several prominent economists and former central bank officials. Among them, Harvard University economist Raj Chetty will lead the data working group, technology investor Marc Andreessen will be in charge of the productivity and employment working group, and former Chair of the White House Council of Economic Advisers Greg Mankiw will co-lead the inflation working group. Warsh stated that the U.S. economy has undergone significant changes in the past generation, with the current pace of transformation even faster, and the Federal Reserve needs to ensure that it is in the best state to achieve its dual goals of price stability and promoting employment.