Federal Reserve Chairman Kevin Warsh reaffirmed the central bank’s commitment to lowering inflation, saying price stability remains the Fed’s top priority even if it conflicts with political pressure for lower interest rates.

Speaking at a European Central Bank forum in Portugal, he emphasized that the Federal Reserve will remain independent and will not adjust policy based on political considerations.

Warsh declined to provide guidance on future interest rate decisions, instead stressing that policy debates will take place internally when officials meet.

He noted that inflation remains above the Fed’s 2% target, with rising core inflation and updated projections showing further increases ahead, Yahoo Finance has reported.

He also pointed to uncertainty around factors like energy prices and artificial intelligence, while suggesting productivity growth could improve in the long term.