News Wrap: Fed Chair Warsh pledges inflation will be 'thing of the past'

Kevin Warsh, Federal Reserve Chairman:

The members of our committee have no tolerance for persistently elevated inflation, and we share a resolute commitment to ensure price stability.

Geoff Bennett:

Warsh also faced repeated questions about the Fed's independence after President Trump frequently pressured the prior Fed chair, Jerome Powell, to cut rates. Warsh largely deflected such questions, but vowed that he would -- quote -- "continue to do my job."

The CDC says there are now nearly 7,000 confirmed or suspected cases of cyclosporiasis nationwide. At least 34 states have reported cases of the parasitic intestinal disease. More than 140 people have been hospitalized. There have been no deaths reported. The CDC says it expects cases to rise through the end of August and has issued a new alert to physicians to recommend testing.

National health authorities haven't identified a source of the illness, though health officials in Michigan have suggested lettuce or salad greens as possible sources. And Taco Bell said today that it's removing some ingredients as a precautionary measure.

New York is now the first state to issue a moratorium on building new large data centers.

(Cheering)

Geoff Bennett:

New York Governor Kathy Hochul signed an executive order earlier today that pauses new construction of so-called hyperscale centers for a year. The delay is meant to give the state time to assess the impact of such facilities on the environment.

They require a massive amount of energy and water to cool the thousands of servers they house. But tech companies argue that such a pause hurts job growth and has a negative impact on the nation's A.I. growth.

Summer temperatures are hitting records across parts of the U.S. as the latest heat dome makes its way east. Some 125 million Americans were under some sort of heat alert today from California all the way to Maine. The worst heat baked the Upper Plains and Mountain West, threatening temperature records in places like the Dakotas.

In Northern Minnesota, the high temperatures and dry conditions have contributed to more than a dozen wildfires. Meantime. Texas and Louisiana have seen flooding after severe storms fueled by that dangerous heat. Forecasters say some parts of Texas could see up to 10 inches of rain through Thursday.

In France, a heat wave is fueling wildfires across that country, including two massive blazes just south of the capital, Paris. The high temperatures have hampered containment efforts for the fires, which have scorched nearly eight square miles and forced 1,000 people to flee their homes.

Water-dumping planes are being used for the first time ever in the areas surrounding Paris. No deaths or injuries have been reported so far, and the nation's weather service expects to end its red alert heat warning starting tomorrow.

The heat in France tempered some of the nation's Bastille Day celebrations, with authorities canceling fireworks displays and other events. But the military parade went through Paris as planned. A large contingent of Ukrainian forces joined French troops in a spectacle French President Emmanuel Macron called a strategic reawakening.

Ukrainian President Volodymyr Zelenskyy received an ovation from world leaders in attendance. The display of unity comes as Ukraine aims to boost its air defenses with support from European allies. The holiday marks the anniversary of the storming of the Bastille Prison in 1789, a pivotal moment in French history.

Well, Spain is heading to the World Cup final for the first time since winning the tournament back in 2010. They beat France today two goals to none, with the first goal coming from the penalty spot. France had been hoping to play its third straight World Cup final, but will instead appear in a third-place match on Saturday.

As for Sunday's final, Spain will either take on the defending champions, Argentina, or England, who face off tomorrow.

On Wall Street today, stocks posted modest gains following that inflation data. The Dow Jones industrial average added just nine points, so mostly flat. The Nasdaq rose around 230 points. The S&P 500 also ended in positive territory.