In today’s news and commentary, Nike announces layoffs, the Senate clears the way for a new Fed chair, and consumer sentiment on inflation hits record low.

On Thursday, Nike announced that it plans to cut approximately 1,400 positions as part of “the final stretch of our Win Now action plan.” In doing so, Nike believes that the move will help engender a “leaner, faster, more connected Technology organization” by prioritizing Technology roles at the company’s headquarters and “India Technology Center.” While 1,400 employees represent less than 2% of the company’s workforce, this news follows in the wake of the firm’s decision to lay off about 775 distribution center employees in January and less than 1% of its corporate staff last summer.

Yesterday, it was reported that Senator Thom Tillis is withdrawing his objection to the confirmation of Kevin Warsh as chairman of the Federal Reserve. Tillis, the sole Republican holdout on the Senate Banking Committee, which oversees appointments to the Fed’s board, had previously pledged to block Warsh’s confirmation until the Department of Justice closed its criminal probe into current chair Jerome Powell. Widely viewed as a tactic by the Trump administration to pressure the Fed into lowering interest rates, Senator Tillis has repeatedly condemned the move as a threat to the central bank’s independence. Warsh is now expected to be confirmed without issue and succeed Powell on May 15. 

Drawing on survey responses from March 24 to April 20, the University of Michigan’s consumer sentiment index reported its lowest result since 1978 as the effects of the Iran war continue to ripple throughout the economy. Heavily influenced by recent increases in gas prices, the data shows that consumers expect prices to rise by 4.7% over the next year, up from 3.8% in March. More broadly, consumers’ perceptions of their expected financial situation were reported at its weakest since May of 2025. Negative perceptions of the economy are likely to increase scrutiny on the conflict in Iran as the countries have still yet to reach a permanent peace deal.