Federal Reserve Chairman Kevin Warsh promised to make the inflation felt over the past 5 years “a thing of the past” in his opening remarks at a House Financial Services Committee hearing on Tuesday, <\/p>\n
FEDERAL RESEARCH CHAIRMAN KEVIN WARSH: 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. And if we get policy right-and we will-the inflation surge of the last five years will be a thing of the past. A month ago, I chaired my first meeting of the Federal Open Market Committee. My colleagues and I recognize that high inflation has been an undue burden on American households and businesses. While monthly price fluctuations are inevitable-especially in an unsettled world-underlying inflation over longer time horizons is determined largely by monetary policy. The members of our Committee have no tolerance for persistently elevated inflation. And we share a resolute commitment to restoring price stability. This was the focus of our June meeting, at which we decided to hold the target range for the federal funds rate at 3-1\/2 to 3-3\/4 percent.<\/p><\/blockquote>\n