Warsh vows to tackle inflation in first testimony as Fed chairman
Summary
Federal Reserve Chairman Kevin Warsh said he will work to control inflation during his first testimony before Congress. Inflation rose 3.5% in June, which is above the Fed’s 2% target, but it is growing slower than before.Key Facts
- Kevin Warsh spoke to the House Financial Services Committee on Tuesday.
- He said inflation creates a heavy burden for American families and businesses.
- The Federal Reserve's main goal is to keep prices stable.
- Inflation increased 3.5% in June compared to a year ago.
- This inflation rate is slower than in May but still higher than the 2% goal.
- A global energy shortage caused by the war in Iran contributed to recent price increases.
- The Fed may decide not to raise interest rates soon because inflation slowed down.
- The chance that the Fed will keep interest rates the same at the next meeting is 86%, according to a prediction tool.
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