Fed's Warsh hopes policy can be geared to realtime data within a year

By Howard Schneider

WASHINGTON, July 1 (Reuters) - U.S. Federal Reserve Chairman Kevin Warsh set an ambitious timeline on Wednesday for the Fed to begin relying on new technology that delivers real-time data about the economy and be less tied to backward-looking government surveys.

"My aspiration is that 9 to 12 months from now we're going to be using new technologies to understand what's happening in the real economy in a contemporaneous, real-time way that positions us...to make better decisions, that we're no longer going to have to rely solely on data that we get from government agencies with mismeasurement problems that have surveys that are no longer relevant," Warsh told a monetary policy forum in Portugal.


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