Latest / DEEP INSIGHT / Fed Chair Warsh pledges inflation will be 'thing of the past'

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Fed Chair Warsh pledges inflation will be 'thing of the past' · DEEP INSIGHT

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  Speaker 1: And we start the day's other headlines with the state
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  Speaker 1: of the US economy. The Labor Department says that inflation
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  Speaker 1: cooled last month to three point five percent when compared
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  Speaker 1: to last year. That was due largely to a drop
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  Speaker 1: in energy prices amid what was a pause in fighting
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  Speaker 1: between the US and Iran, but economists warn that the
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  Speaker 1: resumption of hostilities could send prices higher once again. Still,
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  Speaker 1: today's report uses some pressure on the Federal Reserve to
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  Speaker 1: raise interest rates. This morning, FED Chair Kevin Walsh made
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  Speaker 1: his first appearance on Capitol Hill since taking the role
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  Speaker 1: in May, testifying before the House Financial Services Committee, he
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  Speaker 1: pledged that inflation will be, in his words, a thing
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  Speaker 1: of the past. The members of our committee have no
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  Speaker 1: tolerance for persistently elevated inflation, and we share a resolute
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  Speaker 1: commitment to ensure price stability. Walsh also faced repeated questions
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  Speaker 1: about the Fed's independence after President Trump frequently pressured the
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  Speaker 1: prior FED Chair, Jerome Powell, to cut rates. Worsh largely
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  Speaker 1: deflected such questions but vowed that he would quote continue
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  Speaker 1: to do my job. The CDC says there are now
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  Speaker 1: nearly seven thousand confirmed or suspected cases of psyclosporiasis nationwide.
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  Speaker 1: At least thirty four states have reported cases of the
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  Speaker 1: parasitic intestinal disease. More than one hundred and forty people
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  Speaker 1: have been hospitalized. There have been no deaths reported. The
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  Speaker 1: CDC says it expects cases to rise through the end
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  Speaker 1: of August and has issued a new alert to physicians
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  Speaker 1: to recommend testing. National health authorities haven't identified a source
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  Speaker 1: of the illness, though health officials in Michigan have suggested
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  Speaker 1: lettuce or salad greens as possible sources, and Taco Bell
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  Speaker 1: said today that it's removing some ingredients as a precautionary measure.
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  Speaker 1: New York is now the first state to issue a
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  Speaker 1: moratorium on building new large data centers. New York Governor
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  Speaker 1: Kathy Hulkel signed an executive order earlier today that pauses
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  Speaker 1: new construction of so called hyper scale centers for a year.
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  Speaker 1: The delay is meant to give the state time to
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  Speaker 1: assess the impact of such facilities on the environment. They
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  Speaker 1: require a massive amount of energy and water to cool
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  Speaker 1: the thousands of servers they house, but tech companies argue
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  Speaker 1: that such a pause hurts job growth and has a
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  Speaker 1: negative impact on the nation's Ai growth. Summer temperatures are
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  Speaker 1: hitting records across parts of the US as the latest
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  Speaker 1: heat dome makes its way east. Some one hundred and
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  Speaker 1: twenty five million Americans were under some sort of heat
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  Speaker 1: alert today, from California all the way to Maine. The
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  Speaker 1: worst heat baked the Upper Plains and Mountain West, threatening
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  Speaker 1: temperature records and places like the Dakotas In northern Minnesota.
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  Speaker 1: The high temperatures and dry conditions have contributed to more
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  Speaker 1: than a dozen wildfires. Meantime, Texas and Louisiana have seen
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  Speaker 1: flooding after severe storms fueled by that dangerous heat. Forecasters
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  Speaker 1: say some parts of Texas could see up to ten
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  Speaker 1: inches of rain through Thursday. In France, a heat wave
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  Speaker 1: is fuelling wildfires across that country, including two massive blazes
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  Speaker 1: just south of the capitol Paris. The high temperatures have
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  Speaker 1: hampered containment efforts for the fires, which have scorched nearly
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  Speaker 1: eight square miles and forced one thousand people to flee
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  Speaker 1: their homes. Water dumping planes are being used for the
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  Speaker 1: first time ever in the areas surrounding Paris. No deaths
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  Speaker 1: or injuries have been reported so far, and the nation's
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  Speaker 1: weather Service expects to end its Red alert heat warnings
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  Speaker 1: starting tomorrow. The heat in France tempered some of the
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  Speaker 1: nation's Bestial Day celebrations, with authorities canceling fireworks displays and
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  Speaker 1: other events, but the military parade went through Paris as planned.
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  Speaker 1: A large contingent of Ukrainian forces joined French troops in
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  Speaker 1: a spectacle French President Emmanuel Macron called a strategic reawakening.
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  Speaker 1: Ukrainian President Vladimir Zelenski received an ovation from world leaders
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  Speaker 1: in attendance. The display of unity comes as Ukraine aims
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  Speaker 1: to boost its air defenses with support from European allies.
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  Speaker 1: The holiday marks the anniversary of the storming of the
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  Speaker 1: Bastille Prison in seventeen eighty nine, a pivotal moment in
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  Speaker 1: French history. Well Spain is heading to the World Cup
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  Speaker 1: final for the first time since winning the tournament back
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  Speaker 1: in twenty ten. They beat France today two goals to none,
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  Speaker 1: with the first goal coming from the penalty spot. France
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  Speaker 1: had been hoping to play its third straight World Cup final,
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  Speaker 1: but will instead appear in a third place match on Saturday.
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  Speaker 1: As for Sunday's finals, Spain will either take on the
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  Speaker 1: defending champions Argentina or England to face off tomorrow. On
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  Speaker 1: Wall Street Today, stocks posted modest gains following that inflation data.
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  Speaker 1: The Dow Jones Industrial Average added just nine points, so
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  Speaker 1: mostly flat. The Nasdaq rose around two hundred thirty points.
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  Speaker 1: The S and P five hundred also ended in positive territory.
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  Speaker 1: Still to come on the News hour, Groceries and gas prices,
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  Speaker 1: we put the latest inflation data in context. Two Supreme
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  Speaker 1: Court justices testify on Capitol Hill on their budget request
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  Speaker 1: for more security funding and a look at the unconventional
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  Speaker 1: career of Attorney General nominee Todd Blanche. This is the
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  Speaker 1: BBS News out from the David M. Rubenstein Studio at
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  Speaker 1: WETA in Washington, headquarters of BBS News