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2 weeks ago

Fed Chair Kevin Warsh says central bank has 'no tolerance' for elevated inflation

Federal Reserve Chair Kevin Warsh on Tuesday told House lawmakers that the central bank's policymakers have "no tolerance for persistently elevated inflation" in his first testimony as Fed chief.Warsh said in his prepared testimony for the House Financial Services Committee that concerns about inflation influenced the Fed's decision to hold the benchmark federal funds rate steady at a range of 3.5% to 3.75% at the Fed's June meeting."The Fed's number one objective is to get monetary policy right – or as near to it as we possibly can. That is our clear and constant aim, the star we steer by," h...