Fed Chair Christopher Warsh testified yesterday (July 14) before the House Financial Services Committee on the semiannual Monetary Policy Report. The assessment focuses on inflation and growth, as reported by the official @federalreserve account.

In parallel, ECB Executive Board member Isabel Schnabel delivered a speech on “How to foster growth and resilience in Europe,” addressing euro-area economic conditions relevant to inflation and policy.

Economist Ernie Tedeschi (@ernietedeschi), former White House CEA Chief Economist, analyzed June U.S. CPI data and noted that rising computer software prices are “not of meaningful importance to aggregate inflation.”

No significant activity was recorded from @BankofIsrael or Israeli macro analysts regarding interest rates, inflation, or FX markets in recent days.

Why it matters

The testimonies and speeches provide early signals on the direction of monetary policy in the US and Europe, affecting bond yields and global FX markets.

What the experts say

X discussion centers on assessments that US inflation continues to cool outside food categories, while the ECB emphasizes the need for economic resilience.

Bottom line

Today's macro conversation revolved around the Fed testimony and the European speech, with emphasis on concrete data rather than dramatic policy shifts.