Fed Chair: High inflation has become an excessive burden for American households and businesses.

Kevin Wash, Chairman of the Federal Reserve Board, said during a hearing at the House Financial Services Committee on the 14th that high inflation has become an excessive burden for American families and businesses, and the Federal Reserve is committed to achieving price stability, with much work still to be done in this regard. Wash said that the long-term trend of inflation depends largely on monetary policy. Members of the Federal Open Market Committee will not tolerate persistent high inflation and are determined to achieve price stability. In response to questions from members of Congress, Wash said that the Federal Reserve's goal is to prevent short-term changes in specific commodity prices from spreading outward. In the future, the Federal Reserve will need to make "significant adjustments" to its policies and will discuss the scope and timing of using price control tools.