Federal Reserve Chairman Kevin Warsh said Wednesday the Fed is unanimously committed to bringing inflation down to its 2% target.

Speaking at his first press conference since being appointed to the position, Warsh added that nobody at the central bank wants rates to rise in the near term.

“We have the capability and commitment to deliver on price stability of 2%, and that’s exactly what we’re going to do,” Warsh said.

He stressed that participants on the Federal Open Market Committee are “evenly divided on what to do with rates,” although members currently do not strongly favor either raising or lowering them.

The Fed next meets in six weeks and should have a clearer idea at that time of the direction of the federal funds rate, he said.

Warsh added, in response to a question from The New York Times, that the institution had lost credibility over the past five years.

He said he has repeatedly noted that monetary policy can be used for either inflationary or deflationary purposes.

“You bet rates can be used for inflationary purposes,” Warsh said. “We are going to fix that.”

As chairman of the Federal Reserve System, Warsh said, his first objective is “to get monetary and price stability right.”

“Today, we had something important to say about our commitment to delivering on price stability,” Warsh continued.

One way to achieve that, Warsh said, is to rely more on real-time data, much as the private sector does.

Warsh is directing the Federal Reserve to create numerous task forces to overhaul its approach, including a statistics task force that will develop “new analytical methods using real-time inflation data that isn’t subject to revision.”

“What we are really interested in is what is happening right now, not a Friday [summary] after a previous month’s job report,” Warsh added. “That’s an echo of history.”

The U.S. labor market is very strong right now, and artificial intelligence is likely to further boost the economy, he said.

“American Ingenuity” is a nickname that Warsh says he likes to use for AI, adding that the United States is going to emerge as the clear winner in the AI race.

“I don't believe we have a cruel choice” when it comes to prioritizing jobs over inflation or vice versa, the Fed chair said.

Warsh aims to reform the U.S. central bank by year-end, making it a “Federal Reserve that is clear-eyed about its mission, focus and objectives, and able to make more informed decisions.”

Asked whether the Fed has any plans to cut rates, Warsh replied: “No.”

Warsh said he will continue meeting weekly with Treasury Secretary Scott Bessent and take a “wide lens, narrow remit” approach to broader issues.

Warsh said Fed officials generally believe the U.S. labor market is stable.

Warsh has met with the Fed’s inspector general regarding cost overruns on the Federal Reserve complex’s $2.5 billion renovation project under the leadership of his predecessor, former Fed Chairman Jerome Powell.

In the coming days, the Fed will issue a report on the renovations, Warsh said.

The Fed’s aim is to be “good stewards of taxpayer money,” he said.