Amy Morris

The leadership transition at the Fed is unusual.

Outgoing Chair Jay Powell has decided to remain on the Board of Governors, citing ongoing legal threats against him and the central bank.

Fed Governor Christopher Waller supports making it clear the central bank's next interest rate move is just as likely to be an increase as a cut.

Waller says he would not rule out a future hike if inflation doesn't start to slow soon and that he would support removing the easing bias language in the policy statement.

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

Goldman Sachs Vice Chairman and former Dallas Fed President Rob Kaplan tells Bloomberg the next Fed move was expected to be a cut, but that was weeks ago.

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

Bond traders are fully pricing in an interest rate hike this year.

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.