Research
The Rebuild Begins. The Floor Hardens.
Forty-eight hours told the whole story. On 8 July the minutes of the June FOMC meeting, Kevin Warsh’s first in the chair, showed some officials arguing not for a slower pace of cuts but for higher rates, the first time this cycle the hike has been named inside the room. On 9 July the chair named the people who will redesign the institution itself: five outside task forces, covering communications, the balance sheet, data, productivity and the inflation framework, with recommendations due by year-end. The bench is drawn deliberately from outside the building. Former central bankers Mervyn King, Raghuram Rajan and Arminio Fraga. Academics of the weight of Thomas Sargent, Greg Mankiw and Raj Chetty. Operators and technologists including Marc Andreessen and the former Walmart chief Doug McMillon.
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