Fed Officials Edge Closer to Rate Hikes as Warsh Takes Helm (1)

Federal Reserve Chairman Kevin Warsh vowed to restore price stability following his first policy meeting since taking the helm of the US central bank, after officials left interest rates unchanged and signaled growing support for rate hikes this year.

“Persistently high prices are a burden for the American people, but the recent past need not be prologue,” Warsh said in his debut press conference as chairman. Officials “are unambiguous and unanimous. This committee will deliver price stability.”

At the same time Warsh played down somewhat the projections from his colleagues showing nine officials foresee at least one quarter-point hike this ...