Fed Chair Warsh Calls June CPI Falls 0.4% "Just One Data Point" on July 14

Fed Chair Kevin Warsh on July 14 described June CPI data as "just one data point," after the index fell 0.4% month-over-month, exceeding market expectations of a 0.1% decline. Testifying before the House Financial Services Committee, Warsh acknowledged the result was "more positive than expected" but cautioned against overinterpreting single data releases. "There is still a lot of work to do, and I would be more confident with better data for decision-making," he said, adding that the Fed would avoid cherry-picking favorable data or over-reacting to short-term fluctuations.
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