Amy Morris

That's News When You Want It with Bloomberg News Now.

I'm Amy Morris and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Amy Morris.

The director of national intelligence, Tulsi Gabbard, is reportedly resigning from the Trump administration.

We have multiple news outlets now reporting Gabbard's resignation is coming soon.

As we get more information on this, of course, we will update you.

New Fed Chair Kevin Warsh has been sworn in as the 17th head of the Federal Reserve to promote price stability and maximum employment.

President Trump says he wants Warsh to be totally independent as the new Fed chair.

Warsh takes over at a tense moment for the economy and central bank.

Price pressures have reaccelerated in recent months, driven by the impact of the war on Iran.

Fed Governor Christopher Waller supports making it clear that the central bank's next interest rate move is just as likely to be an increase as a cut.

Waller described the inflation outlook as the bigger driver of policy now.

He spoke at a conference in Frankfurt, Germany.

And Waller's comments have bond traders fully pricing in an interest rate hike this year, a sign in the market that incoming chair Warsh

will need to move quickly to combat inflation.

It is a complete turnaround from earlier this year when President Trump's selection of Warsh to lead the Fed inspired Wall Street to bet on several rate reductions this year, and that changed after the U.S.

and Israel attacked Iran in February.

Now, Secretary of State Marco Rubio says there was slight progress during talks with Iran amid the uncertainty about whether a deal will be reached or war will resume.

Rubio is in Sweden meeting with other NATO leaders where he told reporters there is more work ahead.