Kevin M. Warsh, the chairman of the Federal Reserve, sought to alleviate concerns about his commitment to taming elevated inflation, suggesting in a closely-watched speech that the central bank would have “work to do” if price pressures did not ease in a timely fashion. Mr. Warsh, delivering his first address to the world’s leading economic policymakers at the Fed’s annual conference in Jackson, Wyo., affirmed that the central bank was chiefly focusing on getting inflation down after half a decade of it overshooting the Fed’s 2 percent target. The Fed would not waver on that goal, Mr. Warsh said, although he stopped short of revealing whether the current moment required higher interest rates.

"The responsibility for 65 months of sustained, elevated inflation sits squarely with the central bank — and that is where it belongs," he said in prepared remarks. "Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed," Mr. Warsh added. "Otherwise, we have work to do." Mr. Warsh made clear that adjustments to the Fed’s overnight rate, which currently stands at 3.5 percent to 3.75 percent, was the “predominant tool” to achieve both low, stable prices and a healthy labor market. In the wake of Mr. Warsh’s speech, two-year Treasury yields rose to their highest level in roughly a month. Investors now see nearly even odds that the Fed will raise rates by a quarter of a percentage point at its next gathering in September.