Fed Chair Warsh said better-than-expected PCE and CPI readings this summer have not convinced him that the underlying inflation trend has improved meaningfully. He said market pricing shows confidence that price stability will be restored and added that the market is right.
Warsh said the Fed’s top priority should be prices while inflation remains above 2%. In a closely watched speech that addressed criticism of his pared-back communication strategy, he outlined his view that price stability will not return automatically and said restoring it is the Fed’s responsibility. He was not expected to take questions from central bank officials and economists at the event.
Warsh Says Fed’s Top Priority Must Be Prices as Inflation Stays Above 2%
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