Matt Grossman

Things have broadened out quite a bit.

So in May, hiring was really strong in leisure

And hospitality, that's jobs like restaurant and hotel workers.

There were job gains in manufacturing and construction.

And local governments actually added a lot of workers as well.

It can still be a frustrating labor market if you're someone who is looking for a job and you've been on the sidelines for a long time.

And wage growth in May was pretty weak and that's been a trend for several months now.

Stagnating wage growth is coming at a time when expenses are rising and obviously that's a really challenging combination.

This is a really unusual move for Powell.

It's more than 75 years since we've had a Fed chair who stayed around after his term as chair ends.

It really speaks to the level of concern that Powell has about the Fed's independence.

He did not want to leave while there was any hint of a legal threat, given this Justice Department investigation that was hanging over him and the Fed over the past few months.

Powell said in his press conference today that he expects a normal transition to Kevin Warsh.

Kevin Warsh's nomination was advanced today by the Senate Banking Committee, so now he goes to a full vote in the Senate.

And he's widely expected to be confirmed, which would likely make the next Fed meeting in mid-June his first on the job.

Powell said that he's going to stay around but keep a low profile.

He said that the Fed will be Kevin Warsh's to lead and that it's important that the Fed only has one chair at any given time.

So we had one dissent in favor of a rate cut and three dissents against the Fed hinting that its next move would be a cut.

In other words, officials who are genuinely more in favor of considering a possible hike in the future.

There's a strong signal today in those three dissents that if Kevin Warsh comes in with a strong preference to cut rates, he might face considerable opposition from some of the officials who've been in place on the committee for quite a while.