Fed Chair Warsh says today's inflation data does not say mission accomplished; does not think that after today's CPI report that everything is swell

Newsquawk Staff · 14 Jul 2026, 16:02 UTC

it is one data point, do not want to overread or cherry pick data.
Doubling down on 2% inflation target. Fed will deliver 2% inflation.
June CPI was soft relative to expectations. Not cherry picking. There is still plenty of work to do.
Broader price stability objective is still in the back of his mind, will see if there are any further reforms to be had.
Would prefer monetary policy that avoids boom and bust.
Our job is to make sure price changes don't broaden into inflation.
Commitment is to take sticky prices and unstick them.
Asked how he will deliver price stability, says it is not a commitment they'll walk away from.
Higher inflation is not acceptable.
FDIC cap should be binding.
Most of the Fed's job is to the left of the decimal point.
Won't prejudge what the committee decides on rates.
Committed to both mandates.

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Dollar liquidity swap lines are part of monetary policy.
Treasury can use ESF for swap lines unrelated to Fed's monetary policy.

What our latest note said

US Market Open, 22 Oct, 10:37 UTC · what it led with

Iran's IRGC Navy warned that US efforts to encourage passage could result in strikes on US bases.
Iran's Major General Rezaei said Iran has presented seven new conditions through mediators and will neither reopen the Strait of Hormuz nor resume negotiations until they are met.

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Riksbank maintains its rate at 1.75% as expected; assesses that the probability of a rate increase later this year remains; there is considerable uncertainty and developments call for vigilance
EUR/SEK+0.3%
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EUR/NOK+0.6%
Iran and US talks continue, and reports that the deal is close are wrong.
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