Federal Reserve Chairman Kevin Warsh appears before the House Financial Services Committee to deliver the semi-annual monetary policy report on the central bank, at the Capitol in Washington, Tuesday, July 14, 2026. (AP Photo/J. Scott Applewhite)

Federal Reserve Chairman Kevin Warsh appears before the House Financial Services Committee to deliver the semi-annual monetary policy report on the central bank, at the Capitol in Washington, Tuesday, July 14, 2026. (AP Photo/J. Scott Applewhite)

Federal Reserve Chairman Kevin Warsh appears before the House Financial Services Committee to deliver the semi-annual monetary policy report on the central bank, at the Capitol in Washington, Tuesday, July 14, 2026. (AP Photo/J. Scott Applewhite)

Federal Reserve Chairman Kevin Warsh appears before the House Financial Services Committee on Capitol Hill, Tuesday, July 14, 2026, in Washington. (AP Photo/Mark Schiefelbein)

Federal Reserve Chairman Kevin Warsh appears before the House Financial Services Committee on Capitol Hill, Tuesday, July 14, 2026, in Washington. (AP Photo/Mark Schiefelbein)

Federal Reserve Chairman Kevin Warsh appears before the House Financial Services Committee on Capitol Hill, Tuesday, July 14, 2026, in Washington. (AP Photo/Mark Schiefelbein)

A man walks past near the screens showing the Korea Composite Stock Price Index (KOSPI), right bottom, and the foreign exchange rate between U.S. dollar and South Korean won, right top, at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, July 15, 2026. (AP Photo/Lee Jin-man)

Traders Chris Lagana, left, and Michael Capolino work on the floor of the New York Stock Exchange, Thursday, June 25, 2026. (AP Photo/Richard Drew)