U.S. Federal Reserve Chair Kevin Warsh emphasized the Fed's 2 percent inflation target on Tuesday, local time, stating, "There is no soft inflation target."

Speaking at a press conference following the Federal Open Market Committee (FOMC) meeting that day, Warsh said, "High inflation over the past five years has left some households, businesses, and market participants with a hard-to-shake, mistaken impression that the Fed's implicit inflation target is higher than 2 percent." He added, "There is no soft inflation target."

"Not on this Committee's watch," he continued. "There is only one target, and it is 2 percent [inflation]."

"None of my FOMC colleagues harbor any illusions," Warsh reiterated, adding, "We have opened a new chapter, and we are well aware that more than five years of inflation exceeding our target cannot be undone in nine weeks or through a single month of moderate price declines."

At the FOMC meeting that day, the Fed froze its benchmark interest rate at 3.50% to 3.75%.

(Photo: AP, Yonhap News)