Warsh Targets Inflation as FOMC Confronts Five-Year High

Kevin Warsh, Chairman of the Federal Reserve's Federal Open Market Committee (FOMC), has set his sights on tackling inflation after its recent surge above the central bank's 2% target. At the June FOMC meeting, Warsh stated that 'I've said for years, inflation is a choice,' and emphasized the committee's commitment to addressing it.

The Fed typically adjusts interest rates in response to inflation levels, raising them when prices are too high and cutting them during economic downturns. With the preferred inflation gauge posting 4.1% growth for the 12 months ending in May, Warsh and the FOMC seem intent on taking decisive action.