The War on Inflation: A Politicized Pursuit of Price Stability Federal Reserve Chairman Kevin Warsh's testimony before Congress on Tuesday was a masterclass in doublespeak, as he reaffirmed his commitment to controlling inflation while downplaying its significance.
His assertion that the Fed has "no tolerance for persistently elevated inflation" is at odds with the past five years' experience, during which prices continued to rise despite his efforts.
The 2% inflation goal, set by the Fed in 2012, serves as a benchmark rather than a tangible target.