Myles McCormick

speaker

20 appearances 1 recordings 1 series first heard Jul 2026 last heard 15 Jul

Myles McCormick’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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FT News Briefing · The EU’s push to deregulate banks · 15 Jul 2026 podcast

So we learned that inflation, as you say, after rising for several months, ticked down in June.

And it ticked down by a good bit more than investors were anticipating.

And the big driver was the fact that oil and petrol prices, which had been climbing for a lot of this year, driven by the war in the Middle East, had declined in June.

So that fed through to the overall inflation picture and caused overall inflation to drop.

But importantly, on top of that, core inflation, which strips out volatile food and energy prices, also fell, which signals that the kind of underlying level of inflation in the economy is also coming down.

And that's a key signal for policymakers.

Yeah, well, that's kind of the interesting thing about this report is that in a lot of ways, it's backward looking.

I mean, we're talking about what inflation did in June when oil and petrol prices did come down.

But oil has spiked again this week as a result of tensions rising again in the Middle East.

And that means that then when we look at July figures, we could have a jump again.

So it just kind of goes to show how volatile the overall inflation picture is at the moment because of how volatile the situation in the Middle East is.

So his big thing was that the Fed shouldn't declare a victory on the basis of one positive report that shows inflation ticking down.

I don't want to overread or cherry pick data.

He kind of doubled down on his very hawkish stance that the Fed was going to pull out all the stops in order to tackle inflation.

So a lot of strong language from him that we shouldn't necessarily dwell too much on one data point and that the Fed is willing to kind of pull out all the stops as we look forward to tackle inflation throughout this year and beyond.

Yeah, it's kind of funny, isn't it?

I mean, I think from Warsh's point of view, what he's hoping is that if he can be loud enough about the Fed's intent to tackle inflation, it might put off the Fed actually having to do anything to tackle inflation, if that makes sense.

Like if he can convince investors that the Fed is very, very, very serious about tackling inflation, the Fed might not actually have to raise rates to do that in the near term.

And indeed, I mean, bets on a July interest rate hike were all but eviscerated in the wake of yesterday's data and Warsh's comments.

Thanks, Mark.

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