India, July 16 -- Federal Reserve Chair Kevin Warsh appeared before House lawmakers on July 14 and Senate lawmakers on July 15 to answer questions on inflation, interest rates, artificial intelligence (AI), jobs and the Fed's independence. During both hearings, Warsh said his main goal is to bring US inflation back to the Federal Reserve's 2% target.

Warsh said the Fed has "no tolerance" for high inflation and is fully committed to bringing prices under control. Lawmakers asked Warsh how the Fed can reduce prices when many reasons for inflation, such as the Iran war, are outside the Fed's control, according to USA Today.

Warsh explained that the Fed cannot directly lower grocery or gas prices, but it can stop higher prices from spreadin...