Federal Reserve Chair Kevin Warsh said inflation is still running too high, but the risk outlook has eased, speaking at a European Central Bank event. He declined to provide guidance on the Fed’s future interest-rate path and reiterated a shift away from offering “forward guidance.” The summary cited a U.S.-Iran truce that sent oil prices plunging and gasoline prices lower, easing inflation pressure. The federal funds rate remains in a 3.5%–3.75% range, even as markets still price in rate-hike expectations for later this year amid shifting geopolitical conditions.