Fed Chair Warsh vows to fight inflation even as new CPI report shows 3.5% rise

Federal Reserve Chair Kevin Warsh pledged to reduce inflation after the Bureau of Labor Statistics' Consumer Price Index reported a 3.5% annual rise in June 2026, driven by persistent food and fuel costs despite falling gas prices. Warsh emphasized data-driven monetary policy in response to congressional inquiries and geopolitical tensions in the Strait of Hormuz affecting oil markets.