Evan Ryser

MNI speaks to Columbia Law School professor Kathryn Judge on what the Lisa Cook ruling means for Fed independence.

MNI interviews outside advisor to regional Fed banks on monetary policy.

MNI interviews ISM manufacturing chair on sector outlook.

Survey chief discusses economic outlook.

The Federal Reserve on Thursday announced the leadership and objectives of the five task forces recently announced by Chair Kevin Warsh, setting up a system with three external members independently co-leading each task force that will be supported by Fed staff."Each task force will carefully consider whether policymakers' means and methods, analytical tools and policy approaches can be improved upon. I am honored that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution. The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time," said Warsh in a statement."The Federal Reserve's commitment to price stability and maximum employment is unwavering. As is our resolve to pursue our mandate with rigor," Warsh added.The five task forces will be co-led by external advisers, economists, business leaders, and former central bankers. Supported by Fed staff, the task forces will operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings for the FOMC, a statement said.More information on the task forces and topics will be posted periodically on the Fed's website, the central bank said.* Communications: Review how the Federal Reserve conveys policy deliberations and decisions amid uncertainty. * Peter R. Fisher, professor of practice, Foster School of Business, University of Washington * Arminio Fraga, founder and chairman, Gvea Investimentos; former president, Central Bank of Brazil * Mervyn King, former governor, Bank of England * Balance Sheet Policy: Examine the costs, benefits, and institutional implications of the Federal Reserve's current balance sheet regime. * Karen Dynan, professor of economics, Harvard University * Raghuram Rajan, professor of finance, University of Chicago Booth School of Business; former governor, Reserve Bank of India * Jeremy Stein, professor of economics, Harvard University; former governor, Federal Reserve Board * Data: Improve the quality and timeliness of real economic signals that inform the Federal Reserve's policy judgments. * Raj Chetty, professor of economics, Harvard University * Doug McMillon, former president and CEO, Walmart Inc. * Kevin Murphy, professor of economics, University of Chicago * Productivity and Jobs: Assess the economic impact of new general-purpose technologies, including artificial intelligence, to inform the Federal Reserve's policy judgments. * Marc Andreessen, cofounder and general partner, Andreessen Horowitz * Charles I. Jones, professor of economics, Stanford University, currently on leave at Anthropic * Asha Sharma, executive vice president and XBOX CEO, Microsoft Corp. * Inflation Frameworks: Revisit how the Federal Reserve understands and responds to the drivers of inflation. * Greg Mankiw, professor of economics, Harvard University; former chairman, Council of Economic Advisers * Thomas Sargent, professor of economics, New York University; Nobel laureate * William White, senior fellow, C.D. Howe Institute; former economic adviser, Bank for International Settlements

Federal Reserve Governor Lisa Cook said Wednesday inflation is headed in the wrong direction and she would be prepared to act if disinflation doesn't come soon."At this juncture, I see it as prudent to give a bit more time to observe how inflation unfolds from here," she said in a speech to the Exchequer Club in Washington, DC. "If we do not see signs of disinflation soon, I am prepared to act. I am fully committed to reaching our inflation target, and this commitment is unwavering."Cook believes the risks continue to be strongly weighted toward higher inflation for at least two reasons. The AI buildout does not show signs of slowing and the recent big supply shocks - tariffs and the Middle East conflict - risk leading to persistently higher inflation, she said. (See: MNI INTERVIEW: Fed Could Soon Lean Toward Rate Hikes-Giannoni: https://www.mnimarkets/articles/mni-interview-fed-could-soon-lean-toward-ra te-hikes-giannoni-1783675069791)"The current rate of annual inflation is near the highest since 2023," Cook said in prepared remarks. "Headline inflation for 2026 is on track to come in about 1 percentage point higher than what was expected a year ago. Core inflation is also coming in well above what I previously anticipated, driven by core goods prices, which have been increasing at a striking 5 percent annual pace so far this year."Risks on the employment side have diminished, Cook said, and the balance of risks has veered toward the inflation mandate. "The mostly steady unemployment rate suggests that the labor market has been stable. In fact, nearly all indicators point to stability."

MNI reports on the outlook for possible Fed rate increases later this year.

MNI reports on the outlook for Fed Chair Kevin Warsh's five task forces.

MNI reports on outlook for U.S. manufacturing sector.

MNI interviews ISM services chief on sector outlook.