Warsh Vows to Tackle Persistent Inflation with Potential Rate Hike

Federal Reserve Chair Kevin Warsh stated that he will take steps to ease price pressures and bring inflation back down to the central bank's target of 2%.

In a recent testimony, Warsh said that higher interest rates may be necessary to combat sustained elevated inflation, which has persisted above the target for over five years.

The comments by Warsh prompted traders in interest rate futures to increase the odds of a rate hike at the next meeting of policymakers scheduled for Sept. 15-16, with a 57.5% probability compared to 35.4% on Thursday.