Warsh Takes Helm at Fed, Pledges to Achieve Price Stability and Drive Reform

（CNA Washington 17th comprehensive foreign wire report）New Federal Reserve Chairman Kevin Warsh today, in his first press conference since taking office, swore that Fed officials will 'achieve price stability.' He promised to open a new chapter for the Fed and announced the establishment of a task force to drive reform.

Amid the rise in the U.S. Consumer Price Index (CPI) in May, the Federal Reserve today, at the Federal Open Market Committee (FOMC) meeting, once again maintained interest rates unchanged. This is the 4th consecutive time the Fed has held rates steady.

Agence France-Presse reported that Warsh pointed out at the press conference that the continuing high prices are a burden on the American people, but the recent situation may not necessarily become the norm in the future. He acknowledged that inflation has been significantly above the Fed's 2% target and said the Fed will be committed to achieving price stability.

Warsh pointed out in explaining the plan to review the Fed's operations that the Fed is entering a new stage. He told reporters, 'We are bringing a new chapter to the central bank for the market - some new thinking.'

He also announced that he would review five areas of monetary policy. He said that he would set up multiple task forces responsible for the 'core areas of overall execution of monetary policy,' including Fed communication, the balance sheet, the use of data sources, productivity and employment, and the inflation policy framework. (Edited by Chen Zhengjian) 1150618

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