Federal Reserve Chairman Kevin Warsh testified before Congress, but his colleagues offered more insight into upcoming policy decisions. Warsh's strategy is to provide less forward guidance, preserving flexibility but potentially increasing market volatility. The Federal Open Market Committee is set to meet soon, and Warsh anticipates internal debate rather than pre-announced moves. Governor Christopher Waller indicated that soft June inflation data might lead him to be patient on rate hikes. Governor Lisa Cook suggested she is ready to act if disinflation isn't observed soon, implying a preference for steady rates currently. Vice Chair Philip Jefferson stated that a failure of inflation to cool could warrant reconsideration of the current policy stance. His comments suggest no rate adjustment at the July meeting but a readiness to hike if future inflation data is high. Dallas Fed President Lorie Logan favored modestly higher rates, indicating potential dissent. Cleveland Fed President Beth Hammack noted business contacts are reporting broad-based inflation. The most probable outcome is no rate change, with a few dissents and a message that inflation must decrease to avoid future hikes. Warsh's reticence means this expectation carries less certainty than if he had spoken more definitively. This communication style allows the Fed more policy flexibility but cedes narrative control to other officials.