Warsh in first Congressional testimony: vows to tame inflation but gives no rate-path signal

Kevin Warsh, the new chair of the US Federal Reserve, told Congress on Tuesday, July 14, 2026, in his first testimony that if policy is set correctly the inflation surge of the past five years will be a thing of the past, and that the central bank has no tolerance for persistently elevated inflation. He stressed a commitment to restoring price stability.

Continuing his new approach and unlike his predecessors, Warsh gave no clear guidance on the path of interest rates. The testimony coincided with the release of June inflation data showing the annual Consumer Price Index at 3.5 percent and the core rate (excluding food and energy) at 2.6 percent. Fed policy is a main channel affecting the global dollar and gold prices, so it matters for Iran's market.