Oil

Good morning, Opening Bell crew. Senior reporter Phil Rosen here. 

Yesterday, Fed Chair Jerome Powell gave a speech at the Economic Club of Washington, saying the stronger-than-expected labor market is going to make the inflation fight difficult.

"It kind of shows you why we think this will be a process that takes a significant period of time," Powell said, adding that the path forward is "probably going to be bumpy." 

• Olive farmers in Spain didn't have enough water for this year's crops due to severe droughts.
• Some have harvested half the amount of olives they did last year.
• We went to Antequera, Spain, to see how they managed to bottle

Good morning. I'm Phil Rosen. 

My favorite part of this job is getting the opportunity to speak to interesting, smart people — especially when I get to share their insights here in this newsletter. 

Do you have suggestions of who I could talk to next? Tweet me or email me (prosen@insider.com).

Today, I'm sharing my conversation with Matt Smith of commodities analytics firm, Kpler.