Federal Reserve Chair Kevin Warsh announced the formation of five task forces to review the central bank's monetary policy framework during his first press conference following the Federal Open Market Committee's decision to hold rates at 3.50%-3.75%. The task forces will evaluate communications, the Fed's balance sheet, existing data sources, productivity and jobs, and the inflation framework. Warsh emphasized a commitment to delivering price stability and saw no reason to revisit the 2% inflation goal until it is achieved, while noting that about half of FOMC members thought rates should be lower and half thought they should be higher. He also said he refrained from contributing to the Summary of Economic Projections and that the communications task force will assess tools such as the statement, forward guidance, and minutes.