Federal Reserve Chairman Kevin Warsh said inflation remains elevated and that price stability is the central bank’s top priority. He said inflation pressures remain broad, with a substantial share of the 199 detailed categories in the personal consumption expenditures price index, the Fed’s preferred inflation gauge, recording gains of more than 3%. Warsh also said overall financial conditions are difficult to characterize as restrictive, a view he said is widely shared within the Federal Open Market Committee (FOMC). The FOMC remains unconvinced that inflation is moving toward its target but is committed to achieving price stability. At its July meeting, the committee unanimously judged inflation too high and remained willing to act. Unemployment remains low, jobs and hours worked are increasing, and the economy continues to show resilience. Warsh did not submit a dot plot on this occasion.