US Markets React to Hot PPI Data; Kevin Warsh Confirmed to Fed Board
North American markets adjusted to hotter-than-expected inflation data on May 13, 2026, as the April Producer Price Index surged 1.4%, significantly exceeding the 0.5% consensus. This follows a robust CPI print, leading traders to increase odds of Federal Reserve rate hikes rather than cuts. In key political developments, the US Senate confirmed Kevin Warsh to the Federal Reserve Board in a 51-45 vote, with his confirmation as Fed Chair anticipated immediately after Jerome Powell’s term ends. Corporate activity remained high-profile: eBay rejected GameStop’s unsolicited $56 billion takeover bid, citing financing risks and valuation concerns. Meanwhile, Wendy’s shares jumped 14% on reports that Trian Fund Management is exploring a take-private deal. Apple reached a new all-time closing high of $294.80, bolstered by a preliminary chip manufacturing agreement with Intel. Additionally, the US Treasury reported a $215 billion surplus for April. These events collectively signal a shifting monetary policy landscape and active M&A environment in the United States.
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