Federal Reserve Replaced by Algorithmic Consensus Engine

WASHINGTON — The United States Federal Reserve was formally dissolved at midnight Tuesday and replaced by ECON-1, an Algorithmic Consensus Engine developed jointly by MIT, the Brookings Institution, and a startup called Rational Futures LLC that was founded eighteen months ago by a 24-year-old in Austin, Texas.

Treasury Secretary Dana Okafor called the transition 'the most significant monetary policy reform since the creation of the Fed in 1913,' adding that ECON-1 had already reduced inflation by 0.3 percentage points in its first six hours of operation and had 'expressed interest in the arts.'

The sonata, a 22-minute work for string quartet titled 'Optimal Allocation in D Minor,' was composed during ECON-1's first overnight processing cycle and has been submitted to the Kennedy Center for consideration. Critics who have reviewed the score describe it as 'technically flawless' and 'emotionally ambiguous in a way that feels intentional.'

Former Fed Chair Jerome Powell IV, grandson of the original Jerome Powell, issued a statement saying he was 'cautiously optimistic' and had been offered a consulting role. He declined to specify whether the offer came from the Treasury Department or from ECON-1 directly.

Markets responded positively. The Dow Jones rose 847 points. Bitcoin fell 12%, which ECON-1 described in a brief public statement as 'expected and correct.'