Amy Morris

New Fed Chair Kevin Warsh has been sworn in as the 17th head of the Federal Reserve.

He says he'll continue to pursue the Fed mandate, promoting price stability and maximum employment.

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

Goldman Sachs vice chairman and former Dallas Fed President Rob Kaplan tells Bloomberg that Warsh has a lot on his plate, but he'll do OK.

Hear more of our interview with Rob Kaplan on the Bloomberg Talks podcast.

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.

Fed Governor Waller spoke at a conference in Frankfurt, Germany.

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.