Warsh Warns: Inflation Must Be Tamed Ahead of Possible Rate Hike

The Federal Reserve's annual meeting in Jackson Hole has come to a close, and it was clear that inflation is the top priority for the Fed right now. Kevin Warsh, a former governor of the Fed, made it known that keeping prices under control is the main mission.

Warsh hinted at a possible rate hike soon, but did not provide specific details on when or by how much. He emphasized the importance of reaching the Fed's 2% inflation target, calling it a 'firm, fixed' goal.

European Central Bank officials also backed up Warsh's stance, with one official even suggesting a September rate hike due to stubborn inflation and strong economies. ECB President Christine Lagarde was not in attendance, reportedly due to other meetings.