Warsh and US inflation will set tone for July Fed decision

Kevin Warsh is about to make his first appearance before Congress as Federal Reserve chairman, and during two days of testimony he'll have new U.S. inflation data to parse with lawmakers.

Tuesday's House Financial Services Committee hearing, which begins at 10 a.m. in Washington, will be preceded by June consumer price figures from the Bureau of Labor Statistics. Then on Wednesday, shortly after the BLS releases producer price data, Warsh will testify before a Senate committee.

Economists surveyed by Bloomberg expect both reports to show some relief following a surge in prices from March to May.

The recent decline in gasoline prices likely helped drag down the consumer price index, which may notch its first monthly decline since the onset of the pandemic in 2020. The producer price index, though, could show upstream inflation pressures continuing to build as the Iran war's energy shock kept working its way through the economy. Economists see the 12-month change in the core gauge, which excludes food and energy, accelerating to 5.2% from 4.9%.

Several other Fed officials are also slated to speak in the coming week, in a sign that the quiet which descended over the central bank after Warsh took office may be starting to lift.

Highlights include a speech on Monday from Fed Governor Christopher Waller; remarks on Wednesday from New York Fed President John Williams and Fed Governor Lisa Cook; and speeches Thursday from Fed Vice Chair Philip Jefferson, Dallas Fed President Lorie Logan, and Kansas City Fed President Jeff Schmid.

Rounding out the U.S. calendar are an update on retail sales on Thursday plus data Friday on industrial production, housing starts and consumer sentiment.

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This story was originally published July 12, 2026 at 2:53 PM.