Fed Chair Says Inflation Remains 'Far Too High,' Offers No Signal on Rate Decision

Federal Reserve Chair Kevin Warsh declined to offer any indication of how U.S. policymakers may vote at the central bank's upcoming meeting later this month, while stressing that inflation remains unacceptably high.

Speaking on Wednesday during the European Central Bank's Forum on Central Banking in Sintra, Portugal, Warsh emphasized that restoring price stability remains the Federal Reserve's foremost priority, despite growing attention to broader economic issues.

"We are all in the business of price stability," Warsh said during a panel discussion with CNBC's Sara Eisen. "That may not be our only responsibility, but one common theme over the past two days has been openness to artificial intelligence and productivity. At the same time, we've all looked around and seen that prices remain far too high."

The panel also featured European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem, who discussed the global outlook for inflation, monetary policy, and economic growth.

Wednesday's appearance marked Warsh's first public remarks since his post-meeting press conference two weeks ago and his first major international appearance following his confirmation as Federal Reserve chair in May.

The Federal Reserve left interest rates unchanged at its most recent policy meeting as officials continue to weigh persistent inflationary pressures against broader economic conditions, offering little guidance on the timing of any future policy adjustments.