On July 1, Federal Reserve Chair Waller set an ambitious timeline aimed at enabling the Fed to rely on new technologies that provide real-time economic data, thereby reducing dependence on lagging government survey data. Waller stated, "My vision is that within the next 9 to 12 months, we will utilize new technologies to understand the dynamics of the real economy in a synchronized, real-time manner, allowing us to make more informed decisions; we will no longer rely solely on data from government agencies that are statistically biased and no longer applicable."
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Fed Chair Waller: Aiming for Real-Time Data-Driven Policy Making Within a Year
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Fed Chair Waller: Aiming for Real-Time Data-Driven Policy Making Within a Year
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