Fed Chair Warsh says yet for more than 5 years, inflation has been running above target

Predominant focus is on the price stability side of our mandate. The plain fact is that inflation is too high and has been, for too long. This summer's inflation readings do not tell me that underlying trends have meaningfully improved. Based on the most recent CPI and PPI data, the 12-month change in total PCE prices likely was around 3.6% in August. Core PCE and CPI prices running at about 3.2% and 2.4% respectively. Since first FOMC meeting as chairman, my colleagues and I have been unequivocal in our commitment to price stability. And to our 2% PCE inflation objective. At our July meeting, we all agreed that inflation remained too high. And we expressed our joint readiness to act.