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Federal Reserve chairman Kevin Warsh. Photo: Daniel Heuer/Bloomberg via Getty Images

Federal Reserve chairman Kevin Warsh is testifying on Capitol Hill for the second day Wednesday, this time before the Senate Banking Committee.

Driving the news: The Labor Department on Wednesday morning released a favorable Producer Price Index reading, showing the overall index fell 0.3% in June, while a core index excluding food, energy and trade services was up a modest 0.1%.