Washington DC, July 14 -- US Federal Reserve chairman Kevin Warsh has said that the inflation fight is the top priority of the central bank and that the number one objective is to get the monetary policy right.

"That is our clear and constant aim, the star we steer by. And if we get policy right--and we will--the inflation surge of the last five years will be a thing of the past," Warsh remarked in his testimony before the Congressional panel on financial services.

Warsh was categorical in stating that the Fed has no tolerance for persistently elevated inflation and the members share a resolute commitment to restoring price stability. The US Federal Reserve maintained the federal funds rate at 3.5-3.75 per cent in its June meeting.

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