Kevin M. Warsh, since his appointment as the chairman of the Federal Reserve, has remained silent on whether he backs higher interest rates as a measure to address inflation concerns.

In his upcoming congressional hearing, Mr. Warsh plans to reiterate his commitment to reducing inflation. Despite stating that the central bank will implement policies correctly to ensure that the surging inflation seen over the past five years becomes a historical issue, he has yet to confirm his stance on interest rates.

During a House Financial Services Committee session, Mr. Warsh is expected to emphasize the central bank’s pledge for price stability, a stance the committee established last month in their first policy meeting under his leadership. The committee decided unanimously to maintain the interest rates at a steady range of 3.5% to 3.75%.

Mr. Warsh will share the committee’s intolerance for continued elevated inflation, underscoring their strong commitment to restoring price stability. His testimony coincides with the release of the latest Consumer Price Index report.

The report indicates inflation in June dropped significantly, largely due to declining energy prices following a temporary pause in the conflict with Iran. ‘Core’ inflation, which excludes the fluctuating food and energy prices, also fell more than anticipated. This data, arriving before the Fed’s next meeting at the month’s end, presents positive news for the central bank.

However, the situation may change as hostilities have resumed between the United States and Iran, causing oil prices to spike again.