Amy Morris

That's a sign of conviction in the market that incoming chair Warsh will need to move quickly to combat inflation.

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.

57% of consumers mentioning high prices eating into their personal finances.

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

Director of Surveys Joanne Xu 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.

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 lost about a half percent in regular trading.

A judge has tossed the human smuggling case against Kilmar Abrego-Garcia.

U.S.

District Judge Waverly Crenshaw granted Abrego Garcia's motion to dismiss for selective or vindictive prosecution, adding that many statements by the Trump administration raise cause for concern.

Trump administration officials have said Abrego Garcia cannot remain in the U.S.

and have vowed to deport him to a third country, most recently Liberia.

SpaceX delayed a test of its massive Starship rocket just seconds before launch last night after a pin was

that was holding the tower arm in place, failed to retract.

The next launch window opens today at 5.30 p.m.

Central Time.