Federal Reserve Chair Kevin Warsh on Friday expressed concern that inflation remained too high, marking his first comments at the central bank’s annual symposium in Jackson Hole, Wyoming, as he called for a “quieter” central bank. Warsh, in his first-ever Jackson Hole speech, said that while recent inflation readings were “better than expected, they do not tell me that underlying trends have meaningfully improved.” The latest inflation reading from the Federal Reserve’s preferred gauge indicated that rising consumer prices had yet to slow, with annual inflation settling at 3.3% in July despite Wall Street anticipating a slight cooldown to 3.2%.

Warsh also called for a “quieter” Fed, saying the central bank “plays an essential role in the economy and the markets” and that its “tools are powerful” while “market participants will always try to anticipate what we do next.” Warsh argued the Fed “should not indulge a regime in which market participants are looking primarily to the Fed for their next trade.” “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed,” Warsh said. For related coverage, explore our detailed analysis on Technology and Digital Systems.

“Otherwise Work Do.” Federal Updates

“Otherwise, we have work to do.” During the Federal Open Market Committee’s July meeting, Warsh suggested that central bank officials would cut their meeting schedule from eight to six each year, with votes on interest rates held “roughly every two months.” Warsh argued this would allow policymakers more time to “consider strategic monetary policy issues” and review more economic reports.

Read More: CrowdStrike Stock Soars Over 13% After CEO Hails 'Best Quarter in History

No decision about scheduling changes was made during the meeting, but Warsh requested input from other authorities. Inflation steadily increased through the U.S.-Iran conflict, with consumer prices rising at their fastest rate in years in May before cooling Central bank authorities have, for months, expressed concerns that inflation has yet to show improvements, saying in April they believed there was an “increased risk” that inflation would take longer to fall below the Fed’s 2% goal than previously expected.

Warsh has said that lower inflation would be a central goal for the Fed, saying that the “inflation surge of the last five years will be a thing of the past.” The Fed has “no tolerance for persistently elevated inflation,” and that Many Fed officials have said interest rate hikes would “likely be necessary” if inflation did not decline, and some policymakers indicated their inflation outlooks were “highly uncertain” as a conflict in the Middle East “clouded” projections.

Chair Kevin Warsh Timeline & Next Steps