Federal Reserve Chair Kevin Warsh signaled that the fight against inflation is not over, stating in congressional testimony that despite a drop in the June Consumer Price Index, it is not his view that the mission is accomplished. The CPI fell from 4.2% in May to 3.5% in June, and core CPI declined from 2.9% to 2.6%, but much of the improvement was driven by lower gasoline prices. Warsh highlighted ongoing concerns including rising energy prices amid Middle East conflict and elevated producer prices that could feed through to consumers. His remarks suggest interest rate cuts are on hold with a bias toward further increases, though he emphasized a careful and measured approach.