Amy Morris

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

It is a sign in the market that incoming chair Warsh

needs to move quickly to combat inflation.

And it's a complete turnaround from earlier this year when President Trump selected Warsh to lead the Fed.

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

Rubio is in Sweden.

He's meeting with other NATO leaders where he told reporters there's more work to do.

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

Iran's state media reports Iran's foreign minister says the nuclear issue will not be discussed for now.

S&P 500 set for its longest weekly rally since 2023.

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

The S&P 500 up 0.5%, NASDAQ up 0.3%, the Dow up 0.8%.

The 10-year Treasury yield at 4.55% and the 2-year yield at 4.12%.

WTI crude now less than $97 a barrel and Brent crude is now approaching $104 a barrel.

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 mentioned high prices were eroding their personal finances.

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

Consumers had already been feeling pretty negative about the impact of gas prices, the Iran war, but now they're really starting to worry that the pain of this is going to persist into the long run.

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