Fed chair Kevin Warsh says inflation is a choice in his first Monetary Policy Report testimony on Capitol Hill. IBM shares have their worst day since October 1987 after the company pre-announces disappointing Q2 earnings, with CEO Arvind Krishna saying “this quarter we faltered.” Plus, CNBC’s exclusive look at the AI model small enough to run directly on an iPhone.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kevin Warsh Testifies, IBM’s Warning, and the Incredible Shrinking AI Model 7/14/26

The Exchange

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[SPEAKER_B] You're listening to The Exchange. Here's today's show. Thank you very much, Scott. Kevin Warsh vows that inflation will be a thing of the past as CPI comes in light, and President Trump backs off of his 21-cent fee on the straight-ahead moves. I'm Kelly Evans, and welcome to The Exchange. You can see the S&P there is fractionally higher right now. Supercore inflation is running below 1% over the past 3 months annualized. We'll get reaction to that and Kevin Warsh's first testimony on Capitol Hill from Claudia Kevin Warsh and Greg Ip. They'll join us shortly. Plus, oil prices are stabilizing after Brent hit $85 a barrel overnight.

Kevin Warsh Testifies, IBM’s Warning, and the Incredible Shrinking AI Model 7/14/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Kevin Warsh Testifies, IBM’s Warning, and the Incredible Shrinking AI Model 7/14/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.