Federal Reserve Chair Kevin Warsh testified before the House Financial Services Committee on Tuesday, stating that the central bank remains committed to price stability and predicting that inflation will subside. During the hearing, lawmakers questioned Warsh regarding the Federal Reserve's independence from executive branch pressure. Warsh declined to address specific past interactions but stated he would continue to perform his duties independently.
In health news, the CDC reported nearly 7,000 confirmed or suspected cases of cyclosporiasis, a parasitic intestinal illness, across 34 states. While no deaths have been reported, 140 people have been hospitalized. Health officials in Michigan identified leafy greens as a potential source, and the restaurant chain Taco Bell announced the removal of certain ingredients as a precaution.
In New York, Governor Kathy Hochul signed an executive order establishing a one-year moratorium on the construction of new hyperscale data centers. The pause is intended to allow the state to evaluate the environmental impact of these facilities, which consume high volumes of water and electricity. Representatives from the technology industry stated the move could negatively affect job growth and artificial intelligence development.
Extreme weather continued across the United States and Europe. Heat alerts affected approximately 125 million Americans from California to Maine, while severe storms led to flooding in Texas and Louisiana. In France, heat-related wildfires near Paris forced 1,000 evacuations and led to the cancellation of several Bastille Day events, though the national military parade proceeded as scheduled.