Kevin Warsh promised "regime change" when he became Fed chair in May 2026. Now he is tapping a former British central banker to help reshape how the Fed talks to markets.
Warsh chose Mervyn King, the former Bank of England governor, to serve as co-chair for the panel reviewing the Fed's communications. King led the UK central bank through the 2008-09 financial crisis. He also oversaw the early years after the Bank of England gained independence from the government in 1997.
"Sometimes we need a foreigner to sort of see things clearly, and the idea of these is not to prejudge the outcomes," Warsh said. The Fed chair added that he is not going to prejudge what the task force will recommend.
King is known for his 2005 "Maradona theory of interest rates," a soccer analogy for central bank communication. He compared a central banker's moves to Diego Maradona's dribbling - a zig-zag path that keeps the other side guessing.
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The task force will look at reducing the number of official speeches by Fed officials. It will also reconsider whether the Fed should hold press conferences after every interest-rate decision. Another topic is forward guidance - the signals the Fed gives about future interest-rate moves.
A key item is the "dot plot," the Fed's chart of where each official thinks interest rates will be. "There will still be dots for a short time, at the very least, but we have a task force for that," Warsh said.
Warsh said the goal is to find the best minds. "Some of them would have been folks in seats like this in prior years. "Some would have been academics in the audience, but we really tried to find the best minds in the economics profession among practitioners"," he explained.
The communications panel is one of five internal task forces Warsh created in June 2026. The other four cover the Fed's balance sheet, its use of data, productivity and jobs, and inflation frameworks. Next week, Warsh will announce the outside experts on each task force.
All five panels are expected to deliver their conclusions by the end of 2026. The findings could lead to major shifts in how the Fed operates and talks to investors.
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