Federal Reserve Chair Kevin Warsh acknowledged that persistent inflation is weighing on the economy and restated the commitment of policymakers to achieving price stability, speaking a little more than a week before the committee's next interest rate decision , according to USA TODAY . Warsh said the economy has largely behaved as officials anticipated after the Federal Open Market Committee voted last month to lift the target range for short-term rates to 3.75% to 4%, a move aimed at slowing the pace of rising prices. Since that meeting, data showed year-over-year U.S. consumer price inflation reached 3.7% in September, above the Fed's 2% target and higher than the 3.4% recorded the prior month.
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