At the ECB's Sintra forum on July 1, Fed Chair Kevin Warsh emphasized central-bank independence ("We've been an independent central bank for a very long time ... you're going to see no changes to that"), rebuffed presidential calls for cuts, and pledged "We're going to deliver price stability," warning markets not to expect tolerance of above-2% inflation - a notable shift from his 2025 pro-cut posture while campaigning for the job.