- University of Michigan consumer sentiment index fell to 44.8 in May, below April's 49.8 and near June 2022 trough
- 1-year inflation expectations rose to 4.8% from 4.7% as oil supply risks from Strait of Hormuz persist
- Fed signals reluctance to cut rates amid rising inflation expectations and 10Y/30Y Treasury yields at multi-year highs
May 22, 2026
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Macro/Economy 1
Central Banks 1
- Kevin Warsh officially sworn in as Fed chairman and Board of Governors member on May 22, 2026
- FOMC unanimously selected Warsh as its chairman, succeeding prior leadership
- Warsh's term as chairman runs until May 21, 2030; Board member term until January 31, 2040
Energy/Oil 1
- Nationwide average regular gasoline price hit $4.49/gal on May 18, up 42% ($1.32) from a year ago.
- West Coast prices averaged $5.61/gal, the highest among regions, while Gulf Coast remained lowest at $3.95/gal.
- Midwest and Rocky Mountain regions saw price spikes to $4.40/gal and $4.59/gal, up 45% and 47% year‑over‑year, amid refinery maintenance outages.
- Crude oil price pressure stems from a de‑facto closure of the Strait of Hormuz and U.S. SPR releases.
- AAA expects 39.1 million travelers by car over Memorial Day weekend, sustaining demand for gasoline.
Companies 1
- FDIC and Fed reviewed 2025 living wills from 8 largest US banks and 56 foreign banks
- No shortcomings or deficiencies identified in any submission
- Derivatives weaknesses from 2023 plans at BofA, Goldman, JPMorgan, and Citi resolved
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