The Fed's Tough Mission

Plus: More strikes on Iran, Nayib Bukele runs for a third consecutive term, private dinosaur-bone ownership, and more...

What will the new Fed chairman do? "Fed governor Christopher Waller said Monday that while inflation could still drift back toward 2% without further tightening, 'there is still a credible' chance that upcoming data shows inflation remains elevated or accelerates again," reports Axios. New Federal Reserve Chairman Kevin Warsh testified before Congress yesterday, saying "the members of our committee have no tolerance for persistently elevated inflation." He reassured lawmakers that they "share a resolute commitment to restoring price stability" but did not outline how.

Another Consumer Price Index (CPI) report was released yesterday, ahead of the Fed meeting later this month. "The data showed that inflation in June cooled sharply as falling energy prices stemming from a temporary truce in the war with Iran dragged down the overall index," reports The New York Times. "'Core' inflation, which strips out volatile food and energy items to give a better sense of the underlying trend, also eased by more than expected."

"There might be some who look at today's data and say, 'Mission accomplished,'" said Warsh. "That is not my view."

That makes sense: If inflation has cooled in part due to falling energy prices, the resumption of fighting not just over the Strait of Hormuz but also early warning signs that the Gulf of Aden will possibly become a chokepoint for global oil are very big problems indeed. Warsh and co. should take this very seriously and not overextrapolate from the June CPI data, which does not reflect the current state of global affairs.

"Energy prices plunged on the Iran cease-fire and memorandum of understanding," Scott Anderson, chief U.S. economist for BMO Capital Markets, told Reuters. "But with fighting back on in the ​Gulf, the MOU in tatters, and energy prices heading higher again in July, the balance of risks remains more heavily weighted toward a rate hike at some point this year."

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Iran update: "We're going to hit them very hard tonight; we're going to hit them very hard tomorrow night; we're going to hit them very hard the night after," President Donald Trump told Fox News on Tuesday. "And then next week it gets really bad for them because next week comes the power plants. We're going to knock out all their bridges unless they get to the table and negotiate."

At 6 a.m. ET today, U.S. Central Command forces began launching a wave of strikes against Iran. The strikes are designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz.

— U.S. Central Command (@CENTCOM) July 15, 2026

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Scenes from New York: A website (called, succinctly, "damnlines") has been created to monitor the wait for various New York hotspots, per that Brock Colyar piece on lines in Curbed. You would think these buzzy froyo spots could simply jack up prices to respond to rising demand.

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QUICK HITS

• "A Tyrannosaurus rex skeleton sold at auction for $50.1 million, making it the most expensive dinosaur ever bought," reports Semafor. "'Gus,' an exceptionally complete specimen with 61% of its bones remaining that was found in 2021 in South Dakota, stands 12 feet tall and is an estimated 67 million years old. The buyer is unknown, but ultra-rich private collectors of fossils are on the rise: The previously most expensive dinosaur was Apex, a stegosaurus, which was bought by hedge fund billionaire Kenneth Griffin. Apex did, however, still end up in a museum—Griffin loaned it to the American Museum of Natural History—while Stan, another T. rex bought for $31.8 million in 2020, is now on display in Abu Dhabi." I have no problem with "ultra-rich private collectors of fossils" and have a hard time seeing how anyone could.
• "A top Senate Democrat has requested an investigation into whether Health Secretary Robert F. Kennedy Jr. broke a federal law intended to prevent political appointees from interfering in elections," reports The Washington Post. "Sen. Ron Wyden (D-Oregon), the top Democrat on the Senate Finance Committee, filed a complaint Monday with the Office of Special Counsel, a quasi-judicial independent agency that administers the Hatch Act and other civil service rules."
• Watch the England-Argentina World Cup game today for possible Malvinas-related chants and fallout. European football regulators would probably ban some of these chants, but FIFA tends to give a little more latitude.
• Against they/them rhetoric:

This is an amazing quote from Lindsey Graham about when he realized how politics works. https://t.co/sh04ahQOFq pic.twitter.com/bsoqfR1eK2

— nxthompson (@nxthompson) July 14, 2026

• "El Salvador's ruling party on Monday ratified President Nayib Bukele's candidacy for February 2027 presidential elections, paving the way for a third consecutive term," reports the Associated Press. "A September 2021 ruling by the constitutional Court allowed presidential reelection 'for one term only.'"
• Truly insane that it's come to this level of threat for Supreme Court justices:

NEW: Supreme Court Justice Amy Coney Barrett details the chilling threats her family has faced, revealing the terrifying moment her 12-year-old son discovered a bulletproof vest in her bedroom during the fallout of the Dobbs leak.

Barrett also recounted a recent "swatting"… pic.twitter.com/Cn6yG0VTYO

— Fox News (@FoxNews) July 14, 2026

Comments

[JesseAz (RIP CK)]

As sullum writes his 50th article on why it is immoral for conservatives to get compensated against liberal government abuses....

Reason continues to ignore more uncovered abuses. This time Jack Smith reading the text messages of 44 lawmakers while intentionally avoiding firewall teams.

https://justthenews.com/politics-policy/jack-smith-reviewed-texts-40-congressmen-doj-records-show

So why is reaspn ignoring this story? Is the NYT also ignoring it so they dont know about it? Or do they realize they cheered these abuses at the time?

[JesseAz (RIP CK)]

Will they even notice now that Paul wrote about it?

Rand Paul
@RandPaul
December 2025: Jack Smith swore under oath that he didn't spy on text messages belonging to members of Congress.

Today: New evidence confirms he spied on dozens of members of Congress, myself included.

This is a blatant abuse of power, and exactly what our Founders warned about.

[Rev Arthur L kuckland (5-30-24 banana republic day)]

I would be simpathetic to smith. Only 1 month in jail for each message he illegally read

[Don't look at me! ( Is the war over yet?)]

I have no problem with "ultra-rich private collectors of fossils" and have a hard time seeing how anyone could.

The government needs to subsidize the purchase of fossils by the lower income people of color in the name of equity.

[Rev Arthur L kuckland (5-30-24 banana republic day)]

Scenes from new york:
Mamdani opens free government funded fossil store

[JesseAz (RIP CK)]

Democrats: fine you can deport illegal criminals.

Also democrats: cmon man, plane hijackers aren't that bad, dont deport, let them go.

https://nypost.com/2026/07/13/us-news/plane-hijacker-awaiting-deportation-freed-by-dem-appointed-activist-judge/

[JesseAz (RIP CK)]

Hilarious.

Visegrád 24
@visegrad24
An American transsexual man who applied for asylum in the Netherlands due to “oppression in Trump’s America” has been placed in the infamous asylum center Ter Apel famous for Islamist extremists and knife violence.

He says he regrets his decision…

https://x.com/visegrad24/status/2077023859299979439

[Rev Arthur L kuckland (5-30-24 banana republic day)]

Liz do you even reason? Only right wingers support violence. All the Amy Bennet threats came from right wingers.

[JesseAz (RIP CK)]

NYC has already lost an estimated 11B in tax revenue from the rich fleeing new taxes and socialism.

https://legalinsurrection.com/2026/07/millionaires-are-fleeing-new-york-taking-11-billion-in-tax-revenue-with-them/

[Rev Arthur L kuckland (5-30-24 banana republic day)]

They also allow open air crime markets where foreigners stop people from going into legit stores

[JesseAz (RIP CK)]

The plaintiffs alleged in the federal District Court of Minnesota that they suffered “bouts of uncontrollable weeping, inability to sleep, distractions from work, despair for the future of their children and humanity, inability to experience joy, feelings of guilt, social isolation, and anxiety,” as a result of a 2024 defense spending bill.

They sued elected federal officials along with then-Department of Defense Secretary Lloyd Austin for funding the aid to Israel, which they say is complicit in “genocide in Gaza.” Defendants included Senators Tina Smith and Amy Klobuchar, along with current Department of War Secretary Pete Hegseth. The activists wanted “a declaration that the challenged law violates the Constitution, international treaties, and other federal law” and an injunction.

https://legalinsurrection.com/2026/07/anti-israel-activists-lose-lawsuit-alleging-uncontrollable-weeping-over-military-aid/

[JesseAz (RIP CK)]

Yay for multicultural open borders.

https://www.zerohedge.com/political/sheriff-says-somali-youth-gangs-are-running-wild-minneapolis

[JesseAz (RIP CK)]

Two tier justice.

Fresh footage from Northern Ireland captures police sprinting past a group of knife- and stick-wielding feral youths to cuff a local man who had grabbed a stick to protect the native women and children in his street.

Police ignore the asylum seekers with knives to go after those defending themselves against them.

https://www.zerohedge.com/political/watch-yet-another-shocking-video-uks-two-tier-policing-drops

[JesseAz (RIP CK)]

Ivy League kids are retarded.

https://thefederalist.com/2026/07/10/increasing-number-of-ivy-league-students-cant-even-read-so-lets-stop-calling-them-elite/

[Idaho-Bob]

They'll be running for federal offices before long.

[Medulla Oblongata]

Democracy has spoken, but Democrats (excuse me, the 'non-partisans') are ignoring the election results--indeed, they are denying the legitimacy of the election. Where's the No Kings people? Where's the people so desperate to "defend democracy"?

https://ballotpedia.org/City_council_recall,_Avenal,_California_(2025-2026)

An election to recall Mayor Alvaro Preciado and City Councilmembers Leticia Gamez, David Reynosa, and Pablo Hernandez was held April 28, 2026, in Avenal, California.[1]All four city officials were recalled as a result of the election.[2]

The recall effort stemmed from a proposal to replace the city’s fire service contract with a volunteer-only department, in addition to concerns about transparency and lack of communication with residents.[3]

Although voters approved the recall, the four officials remain in office as of June 2026. Mayor Preciado and councilmembers Gamez and Hernandez voted to reject the recall election results on June 11, 2026, alleging the election was conducted unlawfully by Kings County and was not properly authorized by the city. Recall organizers are pursuing a quo warranto lawsuit, an uncommon legal practice which asks a court to determine whether officials are lawfully holding office.[4] California Attorney General Rob Bonta approved the lawsuit June 17, 2026.[5]

[also, from New York Post]

The Kings County Board of Supervisors unanimously approved a resolution placing four Avenal City Council seats up for election in November, saying the move would restore representation after months of turmoil stemming from the city’s explosive recall battle.

Under California Elections Code Section 11381, recalled officials are barred from running in the special election, according to Kings County Counsel Laurie Buelna, who said the county confirmed the interpretation with the California Secretary of State’s office.

The vote came just one day after Councilmember Ricardo Verdugo, the only member of the council who survived the recall election, appointed himself mayor – further deepening the city’s leadership crisis.

[GOD OF PENGUIN ISLAND]

Poor Matty Y:

"He cannot be this stupid."

"Au contraire, I assure you he can be"

https://x.com/ingelramdecoucy/status/2077067643727536395

[JesseAz (RIP CK)]

He is in fact that retarded.

[Medulla Oblongata]

Sucks to be her...I think there's a metaphor in there somewhere...

https://www.msn.com/en-us/lifestyle/other/i-paid-thousands-of-dollars-to-legally-bring-my-brother-to-the-usa-now-he-refuses-to-work-or-move-out-of-my-house/ar-AA27QjWL

A U.S. citizen in her 40s living in California, known as Maria for privacy, spent more than $15,000 and waited nearly four years to bring her younger brother from Honduras through family-based immigration. She covered lawyer fees, application costs, travel, and initial settlement expenses. Today, two years after his arrival on a green card, her brother remains unemployed, spends most days at home, and shows no signs of leaving. Her extended family back home and in the U.S. pressures her not to abandon him, leaving her trapped between love, cultural expectations, and mounting financial stress.

[JesseAz (RIP CK)]

I was told chain migration didn't exist.

[Medulla Oblongata]

"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand. "

https://www.msn.com/en-us/news/other/dod-watchdog-finds-155mm-artillery-plant-built-2-years-ago-has-produced-nothing/ar-AA27Tv5Y

A Pentagon watchdog report found that in the roughly two years since it was built, an ammunition plant in Mesquite, Texas, has not produced any parts for 155mm artillery rounds, hindering the Army's goal to help backfill stocks of ammunition provided to Ukraine after Russia invaded in 2022.

In a report released Monday, the Defense Department inspector general found that as of March 2026, the plant had not produced any metal projectile parts that met the specifications laid out in the contract and the "the Army's expenditure of $469 million to establish the Mesquite facility could have been used to address other Army or [Department of Defense] priorities."

The gap, the report concluded, occurred because Army officials "accepted the risk" with the contractor's plan to procure equipment which had not been tested. According to a timeline in the report, the Army contracting office requested the plant stop work in Aug. 2025 while the government evaluated if it could meet its obligations and work to resolve the production issues.

[Medulla Oblongata]

Of course it is...bless her heart...

Historian says it’s racist to question her — after her book about slavery pulled from shelves over inaccuracies

https://www.msn.com/en-us/news/other/historian-says-it-s-racist-to-question-her-after-her-book-about-slavery-pulled-from-shelves-over-inaccuracies/ar-AA27TcsC

The author of an acclaimed book about slavery is crying racism after her writing came under scrutiny by scholars for questionable assertions and sloppy sourcing.

Kerri Greenidge’s 2022 book “The Grimkes,” which tells the story of a prominent South Carolina slaveholder family who later played a role in the abolitionist movement, was lauded by critics and won the American Historical Association’s Joan Kelly Memorial Prize.

But skepticism grew as her prose came under the microscope by historians and scholars, including Myra Glenn, an author and retired American history professor at Elmira College.

Presented with these and other disputed findings discovered through Glenn’s analysis by the New York Times, Greenidge immediately cast herself as the victim, and accused her growing roster of critics of racism.

“I am heartbroken that a field I have given my life to can treat me this way,” she told the outlet. “The attack on Black women academics is real.”

[Medulla Oblongata]

A repeat offender was charged with trespassing at Illinois Gov. JB Pritzker’s Chicago home over Independence Day weekend, prompting renewed criticism from Republicans and crime-policy critics over the Democrat’s public-safety record.

Dwayne Cortez Milton was arrested on the night of July 4 after he was seen allegedly jumping a fence and entering Pritzker’s backyard. Milton faces a trespassing charge but was released from custody pending trial, ABC 7 Chicago reported.

Milton was ordered released in the trespassing case, but court documents show he pleaded guilty July 7 in a separate theft case and remains in custody. The suspect was allegedly under electronic monitoring at the time of the trespassing charge and had an extensive criminal history, CWB Chicago reported, citing court records.

Pritzker has been repeatedly criticized for his soft-on-crime policies, including the elimination of cash bail, opposition to mandatory minimum expansions, expanding parole opportunities and sentencing reform. Illinois became the first state to abolish cash bail statewide after Pritzker signed the SAFE-T Act in 2021, following years of Democratic-led criminal justice reform efforts in the state.

[JesseAz (RIP CK)]

Why does this racist have a fence anyways?

[Zeb]

It's to keep Pritzker in.

[Earth-based Human Skeptic]

'New Federal Reserve Chairman Kevin Warsh testified before Congress yesterday, saying "the members of our committee have no tolerance for persistently elevated inflation."'

Uh, how about no inflation? I know that sounds crazy, but we have tried everything else.

[JesseAz (RIP CK)]

The purpose of the fed is to make future debt cheaper through inflation. And fuck things up.

[Earth-based Human Skeptic]

'Scenes from New York: A website (called, succinctly, "damnlines") has been created to monitor the wait for various New York hotspots, per that Brock Colyar piece on lines in Curbed. You would think these buzzy froyo spots could simply jack up prices to respond to rising demand.'

Or you would think that rational humans would get over themselves and their urges to gather at the bestest spots in the bestest city.

[JesseAz (RIP CK)]

Not best, most popular. It is social virtue signaling when you wait in a line.

[Zeb]

People are so weird. If I see a line for a new popular spot, I'll just check back in a week and see if it still seems worth checking out.

[Earth-based Human Skeptic]

'I have no problem with "ultra-rich private collectors of fossils" and have a hard time seeing how anyone could.'

DSA on line 1. And lines 2 and 3.

[Zeb]

Think how many African babies could have been saved.

[Medulla Oblongata]

My father was a labor relations collective bargaining specialist for a large corporation. He regularly wore a bulletproof vest during negotiations. Kept it in the trunk of his car and thought none of us knew about it. But after the brick through the living room window that one time...