Kevin Warsh reaffirms the Federal Reserve's independence at a central bank conference in Sintra and says the Fed will not tolerate inflation above 2%.Warsh declines to give forward guidance, points to inflation near 4.2% and unemployment around 4.3%, and says stronger payrolls reduce pressure to cut rates while markets price a move from about 3.6% to 3.9%.Warsh, who succeeded
Jerome Powell in May, says the Fed has formed five task forces to study how artificial intelligence and other forces affect productivity and prices and aligns with European, British and Canadian counterparts in opposing forward guidance.