The Federal Reserve Board on the 9th announced the selection of members for five working groups examining its policy framework, appointing former Bank of England Governor Mervyn King and two other outside experts to the group handling communication with markets. Under this initiative led by Chair Warsh, each working group consists of three outside experts who will carefully consider potential improvements to policymakers' tools, analytical frameworks, and policy approaches. For the communications group, a key focus is whether to scrap the quarterly interest rate projections published by senior Fed officials. Warsh did not submit his own rate forecast at last month's monetary policy meeting, and King is also said to oppose their publication, suggesting discussions may move toward eliminating them.