Kevin Warsh walked into his first congressional hearing as Federal Reserve chairman on July 14, 2026, and the message was straightforward: inflation is still a problem, and the Fed is not done dealing with it.
Warsh, who was sworn in as chair on May 22, 2026, testified before the House Financial Services Committee as part of the Fed’s semiannual Monetary Policy Report.
The numbers that matter
Inflation came in at 4.1%, more than double the Fed’s official 2% target.
The Federal Open Market Committee held the federal funds rate steady in June, keeping it in a range of 3.5% to 3.75%.
