Micheline Casey, chief data officer of the Federal Reserve Board, is working to integrate financial, consumer and commercial data from various external sources with the Fed’s economic projections model, FCW reported Tuesday.
Adam Mazmanian writes that Casey is looking into the value of these data sets in forming the Fed’s economic indicators and subsequent policies, which are traditionally derived from information supplied by established financial institutions.
“We’re always looking to improve our forecasting and understand what’s really going on in the economy and what will happen tomorrow,” Casey said during the Enterprise Data World conference, according to the report.
“What we’ve been trying to do over the past several years… is to move forward and stop driving by looking in the rearview mirror and start identifying what would be new data sets that could help us predict the future of the economy in near-real time.”
She noted that high-frequency data and geographically targeted data can help the Fed speed up the release of economic measurements and give insight into regional economic performance.
Mazmanian reports that Casey is also working on overcoming challenges in historical data comparisons, selection bias and data stewardship through the creation of data management roles, including data architects and data governance analysts.