world-economy

Warsh to Face Congress as Fed Weighs July Inflation Data

Federal Reserve Chairman Kevin Warsh will make his first Congressional testimony appearance across two days. The central bank will grapple with inflation readings for July, which will likely dominate discussions with lawmakers. Warsh recently appointed external advisers to lead five newly created task forces aimed at overhauling how the Fed communicates policy decisions and implements monetary strategy. The appointments, which include prominent business leaders, have drawn analyst approval for strengthening institutional credibility. The Fed reiterated its commitment to achieving price stability in its semiannual Monetary Policy Report to Congress, even as inflation continues to exceed the central bank's 2% target. The July inflation figures are expected to prove consequential for the Fed's near-term rate decisions.