Fed Chair Warsh: "Will Not Tolerate High Inflation," Reaffirms Central Bank Independence

Kevin Warsh, Chair of the U.S. Federal Reserve, stated on July 14 (local time) that he would not tolerate persistently high levels of inflation.
The remarks reaffirm his commitment to prioritizing price stability, though he did not specifically address the necessity of interest rate hikes.
Regarding pressure from U.S. President Donald Trump to cut interest rates, Warsh made his position clear on maintaining the independence of the Federal Reserve.
Appearing at a hearing of the House Committee on Financial Services that day, Warsh said, "The Federal Reserve's primary goal is to get monetary policy right," adding, "The members share a firm commitment to not tolerating persistently high levels of inflation and to restoring price stability."
Warsh added, "We will get the policy right, and the inflation surge of the past five years will become a thing of the past."
He emphasized that the inflation that has exceeded target levels over the past five years has acted as a "tax" on American citizens and businesses, necessitating a shift in policy.
Regarding the announcement by the Bureau of Labor Statistics earlier that day that U.S. consumer inflation had slowed faster than expected, he said, "Some might look at this and say, 'Mission accomplished,' but I think differently," adding, "We have work to do on inflation."
※ Please note: This article was translated by AI and may contain errors.