Federal Reserve Chairman Kevin Warsh Appoints Key Advisors

Federal Reserve Chairman Kevin Warsh has added two more key advisors as he seeks to remake how the central bank approaches its views on the economy and monetary policy, people familiar with the moves confirmed to CNBC.

Though Warsh has talked about broad changes that need to be made at the Fed, he instead reached inside for these appointments, naming economists Daniel Covitz and Eric Engstrom to the posts, according to people familiar with the process, who asked not to be named because the discussions were private.

Covitz is one of three deputy directors in the research and statistics division while Engstrom is an associate director in monetary affairs.

The appointments come a little more than a week after Warsh announced five task forces aimed at addressing broad aspects of the Fed's operational structure. Among the focuses will be communication, data, inflation, technology and the Fed's balance sheet.

Warsh has touted the importance of reexamining how the Fed views each of the key metrics and said he will deploy resources both inside and outside the institution to tackle the projects.

However, the latest announcements indicate that he will rely heavily on the Fed's own experts as he charts the course ahead. Both Engstrom and Covitz bring decades of Fed experience to their new positions. A Fed official noted that the two will serve in these positions on a rotating basis while maintaining their positions in their respective divisions.

Warsh earlier selected Paul Winfree, an architect of the controversial Project 2025 document that sought to decrease the Fed's influence on the economy, and Daniel Heil of Stanford, who had previously worked with Warsh.