The new Fed Chair, Walsh, just dropped a bombshell, taking inspiration from the University of Tokyo and setting up five new groups to replace the old structure: 1. Communication Group – in charge of how to talk. 2. Balance Sheet Group – figuring out how to slim down the Fed’s balance sheet, which ballooned from printing money to buy U.S. Treasuries, and return the Fed to its traditional role of "just managing interest rates." 3. Data Group – the Fed currently relies on official data like non-farm payrolls and CPI, but these are slow and unreliable. Walsh wants to bring in more real-time data, like credit card spending and job board stats. 4. Productivity and Employment Group – kind of like the National Development and Reform Commission , tasked with proving that AI is enabling the U.S. economy to grow "faster and inflation-free" as a new form of productivity. 5. Inflation Framework Group – re-examining what really drives inflation and how to achieve the 2% target. The most interesting part? The personnel arrangements: None of the current Fed governors or regional Fed presidents are allowed to join these five groups. You could say this is "reform" in name but really a power grab .