WASHINGTON (AP) — Federal Reserve Chair Kevin Warsh said Tuesday that the Fed will make high inflation "a thing of the past," yet he provided no signal about the central bank's next steps.
Watch in the video player above.
Fed policymakers "have no tolerance for persistently elevated inflation," Warsh said in his first appearance before Congress since becoming chair May 22, replacing former chair Jerome Powell. "And we share a resolute commitment to restoring price stability."
READ MORE: Federal Reserve Chair Warsh emphasizes political independence, signals focus on inflation
Still, Warsh heads a sharply divided rate-setting committee, with about half of the 19 policymakers penciling in higher interest rates by the end of the year in forecasts released last month. Another half have signaled that they support keeping rates unchanged or even cutting them. Warsh faces a stiff challenge in reconciling the divided committee while navigating a rapidly-changing economic outlook.
