New Fed Chair says central bank will remain independent

New Federal Reserve Chair Kevin Warsh says the central bank

would remain independent from the presidency and day-to-day politics.

He also says that if businesses or households

thought the Fed would accept inflation above 2%

they would be disappointed, promising price stability.

Kevin Warsh, Chairman Board of Governors, Federal Reserve System

Expectations of inflation over the first four weeks of this period,

they've come down, inflation risks have come down.

Again in our business we don't want to over determine things,

but if there were people in household or the business sector in the financial markets

who thought that this central bank was going to be comfortable

with an inflation objective above 2%, well, I guess they'd be disappointed.

We're going to deliver price stability in the US.

That's what this committee has signed up to do and our objective is to do that.

The tactics, the strategy and the rest that's still to come.