Mike McKee

Production, 55.9 from 50.9.

Employment's still contracting, 48.1, but that's up from 44.8, so not as bad.

Manufacturing PMI.

At 52.6, that's up from 47.9.

We were expecting a 48.5 reading, so expecting contraction and getting expansion.

New orders is 57.1 from 47.4, so that's a big change.

Production, 55.9 from 50.9.

Employment still contracting 48.1 but that's up from 44.8 so not as bad.

Stephen Meyer and I want to talk about Kevin Warsh.

Of course, that's the big news of this morning.

President Trump posting on Truth Social that he will nominate Kevin Warsh as the next Fed or as the next chair of the Federal Reserve.

This has been the horse race that has been captivating Wall Street.

I want to bring you this note from Neil Dutta over at Renaissance Macro.

He writes that if you get a few cuts now to appease the president, you may well get tougher hikes later.

Moreover, because Walsh has been a policy hawk his entire life, his newfound dovishness looks very suspect.

Now, that's maybe a little bit more blunt than I would have phrased it.

But there's a lot of people on Wall Street, on the sell side, who share that view.

And I'm curious how confident you are that, as a Fed chair, Walsh will be the dove that it seems that President Trump wants.

Well, I would love to.

So fingers crossed there.