Welcome to Markets Desk, your midday read on what's moving markets.
The dollar pushed to a two-and-a-half-week high Friday, with the dollar index gaining nearly half a percent. The driver is a familiar one — strong economic data combined with surging crude oil prices is reigniting inflation fears, and that's pulling forward expectations for tighter Fed policy, which in turn lifts the greenback.
Speaking of the Fed, a significant institutional moment unfolded Friday. The Federal Reserve Board has formally named Jerome Powell as chair pro tempore, a transitional designation that will hold until Kevin Warsh is sworn in as the new chair. It's a procedural step, but it marks a clear line between two eras of central bank leadership, and markets will be watching Warsh's early signals closely.
Meanwhile, Berkshire Hathaway's latest thirteen-F filing turned heads on Wall Street. Greg Abel's team tripled the conglomerate's stake in Alphabet and initiated a fresh position in Delta Air Lines, while unwinding several positions previously associated with the departed Todd Combs. It signals a meaningful shift in portfolio philosophy under new management, and the market is taking note.
That's the tape. Markets Desk, signing off the floor.
