Azernews.Az

Federal Reserve Chair Kevin Warsh on Tuesday vowed to overhaul the central bank's communications, aiming to take a different approach to the public than his predecessors, AzerNEWS reports.

While speaking before the US House Committee on Financial Services. Warsh noted that we need a "regime change" in policies and new consideration of practices. He stressed that policymakers should speak only with "obligation and purpose," seemingly criticizing his predecessor Jerome Powell's frequent public appearances.

"We want to get policy right, and I think being somewhat more circumspect in our communications, at least for me, is a better way of calling balls and strikes."

Kevin Warsh also stated on Tuesday that "inflation is a choice," and that policymakers must "choose lower prices."

While at the hearing before the US House Committee on Financial Services, Warsh confirmed that the Fed is committed to the 2% inflation goal and to delivering price stability. "This isn't the time for us to pass the buck to blame others. The Federal Reserve can and will deliver price stability. We have the tools ... that can help us achieve that aim," he added.

However, Warsh recognized external factors beyond the Fed's control, stressing the current developments in the Middle East.