Amy Morris

And Waller's comments have bond traders fully pricing in an interest rate hike this year.

It's a sign in the market that incoming chair Warsh is going to need to move quickly to combat inflation.

Stocks closed out its eighth straight winning week.

We check the markets for you all day long here at Bloomberg.

S&P 500 gained 28 points.

NASDAQ gained 51.

The Dow gained 294 points.

WTI settled at less than $97 a barrel.

Brent crude just over $104 a barrel.

The bond market closed at two this afternoon for the long Memorial Day weekend, but the 10-year Treasury settled down at 4.5%, the two-year at 4.12%.

Consumer sentiment fell in May to a record low, 44.8, because of the war with Iran.

It was 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 that high prices are eroding their personal finances.

Director of Consumer Surveys at the University of Michigan, Joanne Hsu.

Director of Surveys, Joanne Xu.

Micron President and CEO Sanjay Mehrotra tells Bloomberg the company is expanding U.S.

chip production.

He sees the memory chip shortage lasting beyond 2026.

Hear more of our interview with Micron Technology President and CEO Sanjay Mehrotra on the Bloomberg Talks podcast.

Micron shares fell 1.5% in regular trading.