SINTRA, Portugal, July 1 : Federal Reserve Chairman Kevin Warsh set an ambitious timeline on Wednesday for the U.S. central bank to "discover" and start relying on real-time economic data that's superior to what he described as problematic government reports."My aspiration is that nine 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 as central bankers 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. "My favorite data is upon us, and if we do our jobs, we'll be here a year from now, and we'll say we've discovered data that helps us make better decisions."The Fed currently uses a wide array of government, private-sector and in-house data, both public and non-public, to track the economy and figure out where it is going as it tries to set interest rates to support employment and bring inflation under control.Warsh has criticized the Fed for leaning too heavily on official data that lags or misrepresents current conditions and says that poor data feeding into poor Fed decision-making is mainly to blame for inflation running above the target for more than five years.