Kevin M. Warsh, since becoming chairman of the Federal Reserve, has not stated whether he supports higher interest rates to manage inflation. During his first congressional hearing, Warsh is expected to reaffirm his dedication to reducing inflation. However, his stance on increasing interest rates remains undisclosed.
On Tuesday, Warsh will address the House Financial Services Committee. He plans to assure lawmakers that the Federal Reserve will set policies appropriately, making the recent inflation surge a memory. Last month, during his first policy meeting as chairman, Warsh and other officials pledged to ensure price stability, agreeing unanimously to maintain interest rates between 3.5 percent and 3.75 percent.
In his prepared statement, Warsh will emphasize that the committee has zero tolerance for ongoing inflation and is committed to reinstating price stability. His testimony is set to begin at 10 a.m. Eastern.
Warsh’s statement coincides with the release of the latest Consumer Price Index report. Inflation in June decreased significantly due to lower energy prices, resulting from a temporary ceasefire in the conflict with Iran. “Core” inflation, excluding volatile items like food and energy, also declined beyond expectations. This data is encouraging for the Federal Reserve, yet the positive effects might not last. The recent resurgence in hostilities between the U.S. and Iran has driven oil prices higher again.
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