The Federal Reserve has long made trillion-dollar decisions based on economic data that arrives weeks or months after the fact.
On July 9, 2026, Fed Chair Kevin Warsh announced the creation of multiple external task forces to reassess the central bank’s monetary policy toolkit. Among the most notable appointments: Doug McMillon, former CEO of Walmart, who will co-lead a task force dedicated to improving the quality and timeliness of economic data alongside economists Raj Chetty and Kevin Murphy.
Why a retail executive is now advising the Fed
McMillon stepped down as Walmart CEO in February 2026 after an 11-year run atop the world’s largest retailer. During that time, he oversaw a company that processes hundreds of millions of transactions per week across thousands of stores.
The task force’s mandate is to improve real economic signals around spending, inflation, and growth, the three pillars that drive virtually every interest rate decision the central bank makes.
