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 Warsh has a lot on his plate, but thinks he'll do a good job.

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 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%.