Fed Chair Warsh says today's inflation data does not say mission accomplished; does not think that after today's CPI report that everything is swell

• it is one data point, do not want to overread or cherry pick data. 
• Doubling down on 2% inflation target. Fed will deliver 2% inflation.
• June CPI was soft relative to expectations. Not cherry picking. There is still plenty of work to do.
• Broader price stability objective is still in the back of his mind, will see if there are any further reforms to be had.
• Would prefer monetary policy that avoids boom and bust.
• Our job is to make sure price changes don't broaden into inflation.
• Commitment is to take sticky prices and unstick them.
• Asked how he will deliver price stability, says it is not a commitment they'll walk away from.
• Higher inflation is not acceptable.
• FDIC cap should be binding.
• Most of the Fed's job is to the left of the decimal point.
• Won't prejudge what the committee decides on rates.
• Committed to both mandates.

Swap lines

• Dollar liquidity swap lines are part of monetary policy.
• Treasury can use ESF for swap lines unrelated to Fed's monetary policy.