Federal Reserve Chairman Kevin Warsh said on Wednesday that inflation risks have decreased since he took over his position a few weeks ago. 

The remarks were made at the European Central Bank’s annual gathering of international policymakers and economists in Sintra, Portugal, the New York Times reported. 

Central bankers around the world have been looking at how to address inflation stemming from higher energy costs in the wake of the war in Iran, as well as the upward pressure on prices from the boom in artificial intelligence. 

An interim peace deal between the U.S. and Iran has sent oil prices dropping to pre-war levels, but inflation remains high for items outside volatile categories like food and energy.