Good morning. Today is Powell's last day as Fed chair. Kevin Warsh, confirmed Wednesday in a 54-45 Senate vote, gets sworn in shortly after, with his first FOMC set for June 16-17. Powell stays on the board as governor, which is unusual. The new chief inherits a tape that just printed fresh records and an inflation read that nobody wanted to see. Quiet open across the board, but the air feels heavier than the futures.

Brent at $105.99, WTI at $101.45. Hormuz still rationed. The IEA has been flagging that inventories are draining at a record pace and the market could stay undersupplied through October even if the Iran conflict ends next month. Different cause, same signal. Energy stays the inflation handbrake.

In Europe, the DAX is trading around 24,136 after opening near 24,048. Cautious tone. Stoxx 600 closed +0.7% yesterday on tech and media, but this morning miners and banks are dragging it sideways. Nobody wants to chase before the US open.

US closed at fresh records yesterday. S&P 500 +0.77%, Nasdaq +0.88%, Dow climbed back over 50,000. Cisco ripped 13.4% on guidance, Nvidia added 4.4% after Washington approved H200 shipments to ten Chinese companies. Futures barely moving this morning. Dow flat, Nasdaq +0.05%. Records are either the floor or the ceiling, we'll know by the close.

In Asia, Nikkei closed -0.9%, Hang Seng -0.39%. Trump-Xi summit running into day two and the tape reads caution. Not great.

Bitcoin around $81,000, holding the recovery from Wednesday's $79,400 flush. ETH near $2,260. Gold pulled back to $4,617 as yields backed up after the PPI surprise. Silver pushing $88, two-month high, industrial bid quietly leading the metals complex. That's the part nobody talks about.

On the calendar today: NY Empire State Manufacturing, retail sales, and Powell's final day at the helm before the chair officially passes to Warsh.

Records on hot inflation with a new Fed chair stepping in. That's the setup, not the conclusion.

Stay sharp out there.