Happy Humphrey Hawkins Day, everybody.

Inflation's a choice.

We monetary policymakers need to choose lower prices, and that's the commitment my colleagues have made.

Well, I guess that about Settles in, huh?

From American Public Media, This is MarketFlex.

In Los Angeles, I'm Kyle Rizzell.

It is Tuesday, today the 14th of July.

Good as it always is to have you along, everybody.

I know it feels like he just got the job because he kind of did, but Federal Reserve Chairman Kevin Warsh spent his morning today

on Capitol Hill explaining to lawmakers how he plans to handle this economy. Timing could not have

been better, actually, with that softish update on the consumer price

index that we got this morning, more about which on this program in a minute. But the most

interesting thing about Chairman Warsh's testimony today was, in a way, what he didn't say.

The unspoken subject at hand, that thing that, I guess, used to be called forward

guidance, the Fed letting everybody know what it was going to do before it actually did it.

If we were to share with you our every passing thought, I worry not that there's anything

wrong with us, but we're human. And if we were to give you my projection today about what we'll do when we meet in two weeks,

what we'll do over the course of the year, that we then find ourselves sort of taking information

that's consistent with our priors and rejecting information that's inconsistent.

It's not the way we want to do things.

Calling balls and strikes is the way the chairman put it this morning.

He did obviously talk about the economic issues at hand,

...