Nick Timiraos, known as the 'Fed's mouthpiece,' stated that June's inflation data is good news for Federal Reserve Chairman Kevin Warsh. He is currently beginning his two-day testimony in Congress, marking his first appearance on Capitol Hill since his confirmation hearing in April. Since the inflation data was not as bad as expected, he does not have to deal with the troubles that might have arisen from it. Warsh has consistently argued that the Fed's role is to respond to economic conditions rather than providing 'spoon-fed' guidance to the markets. He believes that a chairman who constantly elaborates on their outlook will ultimately be constrained by their own statements. Additionally, he needs to maintain internal consensus within the FOMC, and if rate hike decisions are perceived as not originating from him, it would be a poor way to start his tenure. Thus, he can face hours-long questioning from lawmakers during the congressional hearing without revealing any substantive new information, and this comes at little cost to him. On issues such as tariffs, the artificial intelligence investment boom, and whether current monetary policy remains restrictive, he can respond using the same language as his written testimony (i.e., emphasizing the goal of achieving price stability) without worrying that the market will interpret every carefully worded statement as a policy signal. For a chairman who has always adhered to the principle that 'saying less is itself a policy characteristic,' this situation aligns perfectly with his philosophy. This time, the economic data has done him a favor, allowing him to say even less.