off-the-wire

Fed's Warsh says there is no 'soft target' for inflation, only a 2% goal

Kitco Media
By Reuters
Published:
Updated:
Reuters
Fed's Warsh says there is no 'soft target' for inflation, only a 2% goal teaser image

July 29 (Reuters) - Federal Reserve Chairman Kevin Warsh said on ​Wednesday that the U.S. ‌central bank has no higher "soft target" for inflation and ​is determined to meet ​its longstanding 2% goal despite ⁠leaving rates unchanged ​amid elevated inflation readings.

"For some ​households, businesses, and market professionals, five years of high inflation ​have left a mistaken ​impression -that's hard to shake - that the ‌Fed's ⁠implicit inflation target was somehow above 2%," Warsh told a news conference. "Let ​me ​reiterate: there ⁠is no soft inflation target. There ​is no soft ​implicit ⁠target, not on this committee's watch. There's only a ⁠target, ​and it's ​2%."

Reporting by David Lawder and Dan ​Burns; Editing by Chizu Nomiyama

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.