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Fed Chair Kevin Warsh reiterates commitment to price stability
Warsh said the Fed has no tolerance for persistently elevated inflation as CPI rose 3.5% year over year in June and CME Group’s FedWatch points to a 90% chance of higher fed funds by year end.
Yahoo Finance reports that Federal Reserve Chair Kevin Warsh, in his first congressional testimony as chair, reiterated the Fed’s focus on maintaining independence from political influence and emphasized that the central bank has no tolerance for persistently elevated inflation.
Warsh said the committee shares a commitment to restoring price stability, with above-average inflation still meaningfully higher than the Fed’s 2% target, according to the story.
The article cites June Consumer Price Index data showing prices up 3.5% year over year, with shelter and food highlighted as areas where households continue to see rising costs.
It also notes market expectations using CME Group’s FedWatch tool, which shows a 90% probability that the fed funds rate will be higher at the end of the year, while adding that the S&P 500 has climbed 10% in 2026 as of July 22.
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