Warsh Says "Inflation Too High, Persistent... Will Achieve Price Stability"

U.S. Federal Reserve (Fed) Chair Kevin Warsh emphasized his commitment to price stability on the 16th (local time), stating that "inflation continues to remain at elevated levels."

During a press conference held after the Federal Open Market Committee (FOMC) meeting that day, Chair Warsh said, "Today's policy action will contribute to returning inflation more timely to the committee's (Fed's) 2% target," adding, "Our committee will achieve price stability."

At the FOMC meeting that day, the Fed raised its benchmark interest rate by 0.25 percentage points to 3.75%–4.00%.

Chair Warsh explained, "Today's decision was made at a time when the U.S. economy appears to be strengthening," and noted that "indicators such as job creation, private sector income, and business equipment investment have improved in recent months and are pointing in a positive direction."

He emphasized, "However, inflation has exceeded our target for over five years," adding, "The clear fact is that inflation is too high and has persisted for too long."

(Photo: Getty Images)
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