 In Los Angeles, I'm Kyle Risdell. It is Tuesday today, the 2nd of July. Good as always to have you along, everybody. A quick update on Jay Powell's whereabouts as a way to get us going today. The Fed chair is in Sintra, Portugal. Tough duty, I suppose, for a conference organized by the European Central Bank. There was some incremental news to be had. Powell says there has been, quote, real progress on inflation, but the Fed wants to see more. Please, more progress and more data.