June Inflation Falls To 3.5% As New Fed Chair Warsh Testifies On Capitol Hill
Warsh said five task forces will review Fed operations and policy after June data showed inflation fell to 3.5% in June, officials said.
- On Tuesday, Federal Reserve Chair Kevin Warsh testified before the House Financial Services Committee, pledging a "regime change" to end what he called five years of excessive inflation.
- Warsh criticized the previous inflation framework as "a mistake", describing inflation as "an undue burden on American households and businesses" while the Fed maintains a target rate of 3.5% to 3.75%.
- Business investment in data centers and AI-related infrastructure stands as "the most striking feature of the economy right now", with high-tech spending climbing close to 25% over the last four quarters.
- The Fed established five task forces last week, including Marc Andreessen and WMT CEO Doug McMillon, to conduct a broad review of operations "from first principles" and propose policy changes.
- Warsh cautioned against declaring victory during his Wednesday appearance before the Senate Banking Committee, stating, "There might be some that look at this morning's data and say, 'Oh, mission accomplished. That is not my view.
20 Articles
20 Articles
Annual inflation dropped to 3.5% in June, the biggest monthly drop in six years, but Kevin Warsh warned that the oil surge in July could reverse the improvement.
New Fed Chief Warsh Says Powell's Inflation Playbook Was a 'Mistake,' Promises No Bailouts
Kevin Warsh sat down in front of the House Financial Services Committee Tuesday for his first hearing as Federal Reserve chair. He didn’t sugarcoat it. “In six weeks, we have caused, I think, a sea change in new thinking, the beginning of a set of reforms that are going to be put in place across at least five dimensions in monetary policy,” Warsh told Rep. Andy Barr (R-KY) during the three-hour session. The target of his sharpest criticism: the …
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The New York LedgerLARRY KUDLOW: Can Kevin Warsh have his cake and eat it too?
The sun was shining on the Fed chairman, Kevin Warsh, today as he gave his first Congressional monetary report on a day when the consumer price index unexpectedly fell for the first time in six years. And that takes a near-term Fed rate hike off the table.As Mr. Warsh said, it’s too soon to declare "mission accomplished," but he vowed to defeat inflation and get monetary policy right during his appearance before the House Financial Services Comm…
From Bailouts to Balance Sheets: Key Takeaways From Warsh’s 1st Congressional Hearing
Federal Reserve Chairman Kevin Warsh delivered his first semi-annual monetary policy report to Congress on July 14, speaking to lawmakers for three hours on a range of issues. Warsh, in his opening remarks to the House Financial Services Committee, reaffirmed his commitment to employing a “regime change” in the conduct of monetary policy. He also vowed that the inflation surge over the past five years “will be a thing of the past.” Those comment…
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