Macro MATTers: A conversation with David Wilcox on the Fed’s data task force

The Federal Reserve’s data sources task force aims to enhance the quality and timeliness of economic signals, building on a long-standing tradition of internal research and data innovation. Fed staff traditionally supplement official statistics with alternative datasets, such as payroll provider information and real-time transaction data, to sharpen their view of the current economic landscape. While big data and artificial intelligence offer promising granular insights, these tools require rigorous benchmarking against official government statistics to ensure they accurately reflect the national experience. Preserving the integrity of the federal statistical system remains a vital public good, necessitating a clear separation between the agencies responsible for economic measurement and the Federal Reserve’s monetary policy mandate. This approach ensures that policymakers operate with the most accurate, reliable information possible while avoiding the hazards of blurring institutional responsibilities.