Fed chair Warsh to tell Congress he aims to end US inflation surge

Federal Reserve Chairman Kevin Warsh is due to tell Congress on Tuesday that the central bank will seek to end a years-long US inflation surge, according to prepared remarks.

Warsh is scheduled to appear before the House Financial Services Committee at 10:00 am, or 1400 GMT. Markets are watching for signs that the central bank might raise interest rates later this year to combat price increases, despite pressure from President Donald Trump for a rate cut.

In the prepared remarks, Warsh says the Fed's main objective is to get monetary policy right, or as close to that as possible. He says that if policy is right, the inflation surge of the last five years will be over.

Warsh's testimony is due on the same morning that the US government reports its latest consumer inflation figures. The source says US households have been dealing with higher gasoline costs since US-Israeli strikes against Iran from late February triggered Tehran's retaliation in virtually blocking the Strait of Hormuz. The waterway is a key route for energy transit, and oil prices rose in the weeks that followed.