Federal Reserve Chairman Kevin Warsh said the central bank’s “predominant focus” should remain on inflation, striking a hawkish tone in closely watched remarks at the Kansas City Fed’s annual Jackson Hole symposium.
“The responsibility for 65 months of sustained, elevated inflation sits squarely with the central bank,” said Warsh, delivering his keynote address at the Kansas City’s Fed Jackson Hole symposium.
“We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job . . . our mandate . . . and our charge to keep.”
Markets react to Warsh’s hawkish remarks
Bitcoin fell to $78,700 following the comments. U.S. stocks were modestly lower, while bond yields moved slightly higher as investors assessed the Federal Reserve chairman’s inflation-focused message.
Warsh’s speech had been highly anticipated because the Kansas City Fed’s annual Jackson Hole symposium has often served as a venue for U.S. central bank chiefs to prepare markets for major policy changes.
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