New Delhi, July 14 -- Federal Reserve Chairman Kevin Warsh said policymakers at the central bank have no tolerance for high inflation, reiterating a vow to tame price growth that has been elevated for five years.

"The members of our committee have no tolerance for persistently elevated inflation," Warsh said Tuesday in testimony before lawmakers. "And we share a resolute commitment to restoring price stability."

The new Fed chairman has emphasized policymakers' commitment to tackling inflation since he took office in May, and said the number one objective is to get monetary policy right.

"If we get policy right - and we will - the inflation surge of the last five years will be a thing of the past," Warsh said in remarks to the House Fi...