Warsh Delivers First Congressional Testimony as Fed Chair

Kevin M. Warsh appeared before Congress for the first time as Federal Reserve Chairman on July 14, 2026, marking a key milestone in his tenure.

During his testimony, Warsh outlined recent decisions by the Federal Open Market Committee, including the choice at its June meeting to maintain the target range for the federal funds rate at 3.50% to 3.75%.

Warsh stated that the June meeting was the first under his leadership as chair. He addressed the committee's approach to inflation and affirmed the institution’s focus on price stability in his remarks.

He said that Federal Reserve policymakers have “no tolerance for persistently elevated inflation” and emphasized their commitment to restoring stable prices. Warsh also stated that, if the Fed “get[s] policy right,” the inflation surge experienced over the past five years will become “a thing of the past.”.

What the numbers show

• The federal funds rate target range remains at 3.50% to 3.75%
• There are 19 members on the Fed’s rate-setting committee
• About half of committee members expect a rate increase by year-end, while nearly half foresee no change or a cut

Warsh did not indicate whether he personally supports raising interest rates in response to inflation. His testimony did not specify any future rate moves or provide guidance on upcoming policy changes.

According to information from the Associated Press, opinions among the 19 members of the Federal Reserve’s rate-setting committee are divided. Approximately half anticipate that an increase in interest rates will be necessary by the end of the year, while the remainder expect either no change or a possible rate reduction.

The Federal Reserve Board published Warsh’s testimony and confirmed the decisions taken at the June meeting. The testimony and accompanying statements reflect the committee’s ongoing focus on inflation and monetary policy direction.

Warsh’s first appearance before Congress as chair provided lawmakers with an update on the central bank’s recent actions and outlined the institution’s priorities for maintaining economic stability.

* This article is based on publicly available information at the time of writing.