Amy Morris

It's a complete turnaround from a year before when President Trump's selection of Walsh to lead the Fed inspired Wall Street to bet on several rate cuts this year.

That changed after the U.S.

and Israel attacked Iran in February.

Secretary of State Marco Rubio says there was some progress during those talks with Iran amid 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 that President Trump has been feeling disappointment by NATO's lack of support for the U.S.

in the conflict with Iran.

A senior UAE official tells Agence France-Presse they think there is a 50-50 chance there could be a deal to free up the Strait of Hormuz.

Hopes for a deal between the U.S.

and Iran fueling Wall Street optimism, driving stocks toward their longest streak of weekly gains since December of 2023.

And we check markets for you all day long here at Bloomberg.

The S&P 500 up 0.6%, NASDAQ up 0.6%, the Dow up 0.8%, the 10-year Treasury yield at 4.57% and the 2-year yield at 4.12%.

WTI crude now at $97 a barrel.

Brent crude just topping $103 a barrel.

U.S.

consumer sentiment fell in May to a record low, 44.8 because of the war with Iran, weaker than all projections in a Bloomberg survey of economists.

The University of Michigan Consumer Sentiment Index shows cost of living also continues to be a concern, with 57 percent of consumers mentioning high prices are eroding their personal finances.

Director of Consumer Surveys at the University of Michigan,

Joanne Shu.

Director of Surveys Joanne Shu tells Bloomberg the last time they saw more than 50 percent of consumers worried that high prices were eating into their personal finances was during the Korean War.

The head of the World Health Organization says the Ebola outbreak in Congo is spreading rapidly and poses a very high risk at the national level.