Wrapup 1-Top Fed officials embrace cooler inflation reading, clamor for more

"While I reviewed the data that came out this morning on CPI, and it was positive relative to expectations, I'm not for cherry-picking; I'm not going to show up here and say 'mission accomplished,'" Fed Chairman Kevin Warsh said in testimony before the U.S. House of Representatives Financial Services Committee.

"What I'd say is there's plenty of work to do, and I would feel more confident if we had better data to inform our decision-making," he said.

Warsh, in keeping with his stance against providing any forward guidance on the Fed's likely rate path, did not say whether the "work to do" he has in mind on inflation included increasing the central bank's policy rate or merely meant a prolonged hold in the current 3.50%-3.75% range.

"Over the coming period I'm going to ask our colleagues and have a good family fight about the extent and timing in which we would need to deploy" the Fed's monetary policy tools, he said, even as he reiterated a dozen or more times during the three-hour hearing the central bank's commitment to delivering price stability.