{"id":3420,"date":"2026-07-14T18:42:44","date_gmt":"2026-07-14T18:42:44","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3420"},"modified":"2026-07-14T18:42:44","modified_gmt":"2026-07-14T18:42:44","slug":"kevin-warsh-wont-say-if-the-fed-is-done-raising-rates-even-as-he-says-the-fed-has-no-tolerance-for-high-inflation-and-trump-pressure-looms","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3420","title":{"rendered":"Kevin Warsh won\u2019t say if the Fed is done raising rates, even as he says the Fed has \u2018no tolerance\u2019 for high inflation and Trump pressure looms"},"content":{"rendered":"
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Fed policymakers \u201chave no tolerance for persistently elevated inflation,\u201d Warsh said in his first appearance before Congress since becoming chair May 22, replacing former chair Jerome Powell. \u201cAnd we share a resolute commitment to restoring price stability.\u201d<\/p>\n

Read more The four hidden landmines destroying your team\u2019s performance<\/a><\/p>\n

Still, Warsh heads a sharply divided rate-setting committee, with\u00a0about half\u00a0of 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.<\/p>\n

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Warsh spoke to the House Financial Services Committee soon after the\u00a0government reported\u00a0that inflation fell 0.4% from May to June, driven down mostly by cheaper gas prices. Core inflation \u2014 which excludes the volatile energy and food categories \u2014 was unchanged last month, a broader slowdown in price increases than economists expected.<\/p>\n

Compared with a year ago, inflation dropped to 3.5% from 4.2% in May. Core inflation rose just 2.6% in June from a year earlier, down from 2.9% in May, a positive sign that higher gas costs haven\u2019t yet lifted broader prices. Still, the core figure is above the Fed\u2019s 2% target.<\/p>\n

The cooling inflation figures reduce pressure on the Fed to combat higher prices by hiking interest rates. Still, the renewed conflict in the Middle East has already driven up oil prices and could reverse some of the progress on inflation in coming months.<\/p>\n

Warsh, asked about the price figures, said they represented just one month of data and suggested he does not see inflation as defeated.<\/p>\n

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\u201cThere might be some that look at this morning\u2019s data and say, \u2018mission accomplished,’\u201d he said. \u201cThat is not my view.\u201d<\/p>\n

In keeping with his stated policy of providing less guidance about the Fed\u2019s policies, Warsh did not signal whether rate increases would be necessary to combat inflation. The Fed chair is also facing questions from members of the committee.<\/p>\n

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Warsh was pressed by Democrats on the committee to explain how he would react if President Donald Trump, who repeatedly attacked his predecessor, demanded that he cut rates or take other steps that weren\u2019t justified by the economic data.<\/p>\n

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\u201cAre you ready for that?\u201d Rep. Gregory Meeks, a Democrat from New York, asked.<\/p>\n

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\u201cMy commitment to you is to follow the law and follow the data, follow our very best judgment,\u201d Warsh said.<\/p>\n

Read more How a home insurance deductible works, and how to choose the right one<\/a><\/p>\n

Warsh also cited the Supreme Court\u2019s recent decision to allow\u00a0Fed governor Lisa Cook\u00a0to remain on the central bank\u2019s board, thwarting Trump\u2019s attempt to fire her for now, as a sign the high court sees the Fed as independent.<\/p>\n

\u201cTo the extent there were questions about it, the court has answered those questions,\u201d he said.<\/p>\n

The renewal of the Iran war has caused\u00a0oil prices to climb again\u00a0after they had fallen back to nearly their prewar level. Gas prices had fallen about 20% from their peak but have also increased in the past week and are still about 35% higher than they were when the U.S. attacked Iran Feb. 28.<\/p>\n

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Some Fed officials have argued that underlying inflation, even excluding the impact of gas prices, remains elevated and may require higher interest rates to defeat.<\/p>\n

Another factor that could boost inflation for the rest of this year is the\u00a0massive investment in artificial intelligence infrastructure\u00a0by the so-called \u201chyperscalers,\u201d such as Google parent Alphabet, Microsoft, Amazon, and Meta Platforms. The spiking demand for memory chips and processors has sent semiconductor prices soaring, leading to price hikes for laptops, tablets, and video game consoles.<\/p>\n

Warsh said Tuesday that AI investment is \u201cthe most striking feature of the economy right now\u201d and added that the Fed is \u201cmonitoring the implications\u201d for inflation and jobs.<\/p>\n

Other Fed officials have stepped in to provide guidance as Warsh has declined to do so. Fed Governor Christopher Waller on Monday said that another \u201chot\u201d inflation report Tuesday would mean the Fed would have to consider raising rates \u201cin the near term.\u201d<\/p>\n

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But last week John Williams, president of the Federal Reserve Bank of New York, said that if core inflation stays at a 0.2% monthly pace for the rest of this year, the Fed could avoid hiking rates. Williams\u2019 approach implies the Fed would keep rates steady for some time while it monitors incoming data.<\/p>\n

Read more United States\u2019 $39 trillion national debt will mean fewer jobs at lower wages for Gen Z, according to think tank<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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