New Federal Reserve Chairman Kevin Warsh testified before Congress on Tuesday, July 14th, 2026, asserting that the Federal Reserve committee has "no tolerance for persistently elevated inflation." Warsh reassured lawmakers that the Fed members "share a resolute commitment to restoring price stability," though he did not specify the measures they plan to take.

Recent economic data released on Monday, July 14th, 2026, showed that inflation in June cooled sharply. This decline was largely attributed to falling energy prices, which were influenced by a temporary truce in the ongoing conflict with Iran. The Consumer Price Index (CPI) report indicated that "core" inflation, which excludes volatile food and energy prices to better reflect underlying trends, eased more than expected.

Fed Governor Christopher Waller commented on the inflation outlook, stating that while inflation could still drift back toward the Fed's 2% target without further tightening, "there is still a credible chance that upcoming data shows inflation remains elevated or accelerates again," according to Axios.

In related international developments, President Donald Trump told Fox News on Tuesday that the U.S. would intensify military strikes on Iran, stating, "We're going to hit them very hard tonight; we're going to hit them very hard tomorrow night; we're going to hit them very hard the night after."

Additional news highlights include Supreme Court Justice Amy Coney Barrett revealing threats against her family following the Dobbs leak, and discussions on private ownership of dinosaur fossils, with notable specimens loaned to museums such as the American Museum of Natural History.

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