Federal Reserve Chair Warsh testified before the House Financial Services Committee on the 14th, expressing a firm commitment to maintaining the 2% inflation target and ensuring price stability. He announced the formation of a working group to reexamine the inflation-targeting framework in order to understand the causes of inflation and appropriate responses, starting from a clean slate and sharing views with 19 monetary policymakers before holding a public discussion. He also stated that any changes to balance sheet policy would be explained in advance and widely communicated, and stressed that the Fed should not intervene in fiscal policy and is committed to independent monetary policy conduct. When asked about interference from President Trump, he replied that he would continue in his role. He cited inflation running above target as one reason for rising mortgage rates and said there is still work to be done on tackling inflation.