world-economy

Fed Chair Warsh Pledges Inflation Fight Before House Committee

Federal Reserve Chairman Kevin Warsh testified before the House Financial Services Committee on Tuesday regarding the central bank's semiannual monetary policy report. The appearance came as the Bureau of Labor Statistics reported consumer prices fell 0.4% in June, a sharper-than-expected drop that eased some inflation concerns among policymakers. In prepared remarks, Warsh reiterated the Fed's commitment to returning inflation to its 2% target. "The members of our Committee have no tolerance for persistently elevated inflation. And we share a resolute commitment to restoring price stability," he stated. The testimony is part of a congressionally mandated reporting requirement.