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Fed chair Kevin Warsh says delivering stable prices remains priority
Warsh did not signal future rate moves, while inflation stays above the Fed's 2% target and current policy is held in a 3.5% to 3.75% range.
Kevin Warsh, the US Federal Reserve chair, said in his first major speech in the role that delivering stable prices is the central bank's job, as inflation remains stubbornly above the Fed's 2% target, according to the Guardian Business and Guardian Economics.
Speaking at the Fed's annual Jackson Hole economic symposium in Wyoming, Warsh said the economy appears to have strengthened and noted resilience across both Main Street and Wall Street as it has held up to shocks.
While Warsh did not indicate where interest rates may go in coming months, the Guardian reports markets took the remarks as a signal rates could rise, a possibility that could put him at odds with Donald Trump, who has called for rate cuts.
The speech arrives as the Fed last met in July with rates held at a range of 3.5% to 3.75%, after three of 12 voting members wanted to raise rates by a quarter percentage point, the first time in a decade that so many members dissented. Warsh also argued the Fed should move away from so called forward guidance, saying the practice has overstayed its welcome.