Summary
- Fed Chair Kevin Warsh said inflation remains high and stressed that bringing down price growth is the Fed’s responsibility.
- Warsh said the Federal Open Market Committee, or FOMC, will determine the future direction of monetary policy based on additional information, including incoming economic data.
- Warsh said U.S. third-quarter gross domestic product growth will most likely exceed 3% and that business investment will post double-digit growth, adding that the Fed is prepared to act if needed.
Forecast Trend Report by Period
Kevin Warsh, chair of the U.S. Federal Reserve, said inflation remains too high and stressed that it is the Fed’s responsibility to bring price growth down. He also said future monetary policy decisions would be guided by additional economic data.
Walter Bloomberg reported on October 28 that Warsh said the Federal Open Market Committee, or FOMC, believes additional information will help determine the appropriate stance of monetary policy.
He said U.S. third-quarter gross domestic product growth will most likely exceed 3%. He also expects business investment to post double-digit growth.
“Inflation is still too high,” Warsh said. “Our job is to bring it down.”
Warsh said recent volatility in financial markets was not surprising. He added that the Fed has made clear it is prepared to act and has also shown its willingness to do so.
JH Kim
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