US Federal Reserve Chair Kevin Warsh prepares to testify during a House Financial Services Committee hearing titled "The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, DC, on July 14, 2026. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

US Federal Reserve Chair Kevin Warsh arrives to testify during a House Financial Services Committee hearing titled "The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, DC, on July 14, 2026. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

US Federal Reserve Chair Kevin Warsh testifies during a House Financial Services Committee hearing titled "The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, DC, on July 14, 2026. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

US Federal Reserve Chair Kevin Warsh testifies during a House Financial Services Committee hearing titled "The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, DC, on July 14, 2026. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

A trader works on the floor of the New York Stock Exchange (NYSE) in New York on July 14, 2026. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

A trader works on the floor of the New York Stock Exchange (NYSE) in New York on July 14, 2026. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

A trader works on the floor of the New York Stock Exchange (NYSE) in New York on July 14, 2026. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

A trader works on the floor of the New York Stock Exchange (NYSE) in New York on July 14, 2026. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)