FILE - In this Nov. 13, 2019, file photo Federal Reserve Board Chair Jerome Powell arrives to testify before the Congress Joint Economic Committee, on the economic outlook, on Capitol Hill in Washington. About a year ago, Federal Reserve policymakers were nervous. The financial markets were cratering and worries about a trade war abounded, yet the Fed couldn't gauge the economic impact. Fed policymakers turned to a backup: Consumer spending figures that the Fed had purchased from First Data, a card payment company. That data showed only a small decline in spending in December, followed by a solid gain in January. The Fed's experience provides a tantalizing glimpse of how technology could improve the way government officials track the economy. (AP Photo/Jose Luis Magana, File)
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