LISBON, July 1 (Xinhua) -- U.S. Federal Reserve (Fed) Chair Kevin Warsh said here on Wednesday that "prices are too high" in the United States, reiterating the Fed's commitment to restoring price stability.
Speaking at the European Central Bank Forum on Central Banking in Sintra, Portugal, Warsh declined to say whether the Fed would raise interest rates at its July policy meeting. He said the central bank would "chart a new course" in conducting monetary policy, but gave no further details. He also stressed that the Fed would not provide forward guidance on future interest rate decisions.
Warsh said the Federal Reserve is establishing a number of task forces to review issues including monetary policy communications, economic data, productivity, inflation frameworks and balance sheet policy. He said reforms should be pursued if the current policy framework hinders effective policymaking. ■