Federal Reserve Chairman Kevin Warsh delivered his first Semiannual Monetary Policy Report to Congress this week, telling senators that the central bank is "determined to bring rising prices under control" (NPR).

Warsh submitted his written testimony to the Senate Banking, Housing, and Urban Affairs Committee on July 15, 2026, according to the Federal Reserve's published record of the semiannual report (Federal Reserve). The Fed had posted the testimony, dated July 14, ahead of his Capitol Hill appearance. Warsh was also scheduled to deliver the report to the House Financial Services Committee at 10:00 a.m. during the same July session (Federal Reserve).

The semiannual report is a twice-yearly requirement under the Full Employment Act, in which the Fed chair updates Congress on interest-rate policy and the economic outlook. Think of it as the Fed's report card to lawmakers.

The NPR report, by Scott Horsley and Leila Fadel, aired on Morning Edition on July 16 and noted that Warsh's testimony ranged across multiple topics beyond monetary policy, including artificial intelligence and immigration. Reuters, in a dispatch by Ann Saphir published July 15, characterized Warsh's approach differently, reporting that the new chairman "sticks to policy silence" during his first appearance before Congress as Fed chair (Reuters via Yahoo Finance).

The Associated Press reported that Warsh sidestepped Senate questions on inflation, artificial intelligence, and contact with President Trump during the July 2026 testimony (Associated Press via ClickOnDetroit). The AP account, also carried by YourValley, was published July 15.

Warsh assumed the chairmanship after the Federal Reserve issued a July 9 press release announcing its leadership, with Warsh as Chairman (Federal Reserve). The Federal Open Market Committee — the Fed's rate-setting body — released the minutes from its June 16–17, 2026, meeting on July 8, one day before the leadership announcement. Those minutes would have offered the last public readout of committee deliberations under the prior leadership.

The broader context here is a Fed leadership transition still in its early days. Warsh had been chairman for roughly one week when he faced the Senate panel. The contrast between his written commitment to price stability and the wire-service accounts of his Capitol Hill demeanor is notable for anyone who tracks Fed communications. The chairman's office stated the goal of bringing inflation under control in both written and delivered testimony, while declining, according to the AP and Reuters accounts, to elaborate on specific policy mechanics or respond to senators' questions on several politically charged topics. For a new chairman in his first congressional appearance, that pattern signals an effort to keep the monetary policy message narrow and controlled, avoiding off-script commentary that can move markets or entangle the Fed in political disputes.

How Warsh's policy stance evolves from the general commitment in this testimony to specific interest-rate decisions in coming meetings will be the substantive marker for markets and for Congress. For now, the record shows a new chairman who told Congress the Fed is determined on inflation, shared views on AI and immigration, and, in the assessment of two major wire services, declined to go further on the specifics senators pressed him to address.