00:00The chair of the U.S. Federal Reserve, Kevin Walsh, has outlined a series of reforms aimed at overhauling the
00:07central bank's operations.
00:09He said the Fed is committed to delivering price stability for Americans as inflation remains at a three-year high.
00:18Walsh said the review would cover five key areas, including communications, balance sheet, use of data, productivity and employment practices,
00:27and the Fed's inflation framework.
00:29Task forces will be set up to develop recommendations, with findings expected by the end of the year.
00:35The announcement came after the Fed left interest rates unchanged at between 3.5% and 3.75%, marking a
00:43fourth straight meeting without a rate move.
00:46However, the central bank still projects a possible rate hike later this year to contain persistent inflation.
00:52The Fed has a dual mandate to maintain price stability and maximum employment, but inflation has remained above its 2
00:59% target for several years.
01:01The Fed has a dual mandate to maintain price McIn banging business.
