Fed Chair Warsh Says Five Years of High Inflation Won’t Be Cured in Nine Weeks, Reaffirms 2% Goal
Summary
- Fed Chair Kevin Warsh said it would be difficult to bring high inflation that has persisted for five years under control in a short period.
- He reaffirmed that the Fed’s only goal is 2% price stability and that it will focus its policy tools on achieving that target.
- He said the meeting discussed four core issues: high inflation, economic shocks, rising prices, and monetary policy tools and strategy.
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Federal Reserve Chair Kevin Warsh said it would be difficult to undo five years of high inflation in just nine weeks, but stressed that the central bank would not waver from its commitment to price stability.
Bloomberg reported on July 29 that Warsh told a press conference, "It is difficult to eliminate five years of persistent inflation in only nine weeks, but the Fed will not waver," adding that "the Fed's only goal is 2% price stability."
Warsh said the meeting covered four core issues: high inflation that has persisted for five years, recent economic shocks, the resulting rise in prices, and monetary policy tools and strategy.
He also reaffirmed that the Fed would not be swayed by short-term price fluctuations and would keep its policy focus on achieving its 2% inflation target.
JH Kim
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