This will be a big week for U.S. macroeconomic watchers, and not just because of a jam-packed schedule of earnings and statistical releases. Cue the violins, because after Jerome Powell’s swan song Fed rate meeting, it’s his final two weeks in the hot seat.

Powell’s term as Chairman of the Federal Reserve ends on May 15, with Kevin Warsh’s Senate vote to confirm him as successor taking place as early as May 11. While Powell is set to bow out in charge of the Fed, he has said he would stay on as a governor.

Powell has had a roller coaster eight-year term: from the economic shock of the pandemic to the yearslong battle against ensuing, persistent inflation, which has mostly come down but put U.S. rates at a higher new normal.

He will leave his Chair post amid ongoing worries about institutional independence and the health of the American consumer, including debt concerns among lower-income households. A final twist has come from fears of economic disruption, including inflation, amid conflict in the Middle East.

Expect these themes to rage on for Powell’s final stretch.

After tech stocks put on a good show last week, with a lot of new material for the artificial intelligence debate, a bevy of consumer names are on tap.

Shopify on Tuesday, Kraft Heinz, Disney, and Uber on Wednesday, and Airbnb and McDonald’s on Thursday are among those company earnings that will give unique reads on the health of the American consumer—and much for Powell to ponder.

Then comes the closely watched U.S. jobs report for April on Friday. Anticipation will be high after the previous month’s report blew past expectations, with a close eye also warranted to see if geopolitical turmoil in April has yet to be fully realized.

All of that will ensure there is no slouching during Powell’s final stint as Fed chair—and not for investors, either.

—Jack Denton

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Berkshire Hathaway CEO Greg Abel gave a solid performance at his first annual meeting in his new role, but some shareholders wanted to hear more about the company’s first-quarter stock purchases and buybacks than the trivial amount it disclosed Saturday. Abel has said he is awaiting opportunities.

• Many shareholders want Berkshire to get more aggressive with stock repurchases given its attractive valuation and record $380 billion in cash reserves on March 31. Wall Street cheered Berkshire’s March 5 disclosure about restarting share repurchases for the first time since May 2024—buying over $200 million on March 4. 

• But instead of continuing to repurchase stock, Berkshire bought back only $235 million of stock in the quarter and none in the first two weeks of April, even though the A share price dipped below $730,000. Barron’s has written that Berkshire is capable of $50 billion in annual buybacks.

• The size of the buyback program is viewed as a referendum on how appealing the stock is to Abel, 63, and Chairman Warren Buffett, 95, who together control the program. Chris Bloomstran, the chief investment officer of Semper Augustus Investments, called it “a flawlessly executed handoff.”

• Abel impressed some Berkshire watchers with his command and detailed knowledge of Berkshire’s many businesses and for showcasing management talent, including BNSF railroad CEO Katie Farmer, insurance chief Ajit Jain, and Adam Johnson, who oversees about 30 consumer-related divisions.

What’s Next: Abel said that Berkshire would deploy its cash, which is growing about $50 billion annually from earnings, but has not shared specifics. Berkshire pays no dividend, and there is no prospect of one while Buffett is alive. Buffett told CNBC that this isn’t “an ideal environment” for investing.

—Andrew Bary and Janet H. Cho

It was supposed to be a year of strong profit fueled by rising travel demand from tourists and business. Instead, the rising cost of jet fuel spurred by the Iran war is grinding the airline industry down. Spirit Airlines has stopped flying after a $500 million government bailout deal collapsed.

• On its website, Spirit said it had started “an orderly wind-down” of operations, stranding passengers by cancelling all flights and suspending customer service. Ticket holders were advised to visit the website for refund guidance and next steps. Vendors will find specific instructions for filing claims.

• Spirit was a member of an industry group, the Association of Value Airlines, that sought $2.5 billion in Washington to offset fuel prices pushed up by the Iran war. The association’s other members are Allegiant Air, Avelo Air, Frontier Airlines, and Sun Country.

• Spirit had filed twice for Chapter 11 bankruptcy protection in less than a year. The carrier updated its liquidation analysis in a court filing earlier this month. The outcome was an estimated $1.4 billion to $1.7 billion available for distribution to creditors.

• Top White House economic advisor Kevin Hassett said Sunday he was involved in the talks to bail out Spirit. But he told CBS News’ Face the Nation that a number of authorities were explored to give the carrier a lifeline, and in the end the lawyers decided they wouldn’t apply in this situation.

What’s Next: The liquidation of Spirit’s assets could take months—and other airlines would look to step in to fill the gap. “Frontier, JetBlue, and United all made concerted efforts to backfill Spirit’s markets out of Florida” after Spirit filed its second bankruptcy in September, Melius analyst Conor Cunningham noted.

—Mackenzie Tatananni

A long-awaited compromise on a bill to regulate the cryptocurrency industry has finally been released by a bi-partisan pair of Senators. But while the deal on so-called “stablecoin rewards” is a big step forward, there’s still significant uncertainty that the bill has time to become law this year.

• Sens. Thom Tillis (R., N.C.) and Angela Alsobrooks (D., Md.) unveiled the deal, to be part of the Clarity Act, a broad bill to regulate the crypto industry. It forbids crypto companies from offering yields on stablecoins–tokens tied to the U.S. dollar–that resemble yields on bank deposits.

• Banks have been fighting for such a prohibition, arguing that crypto firms’ yield programs might drain deposits from banks. Crypto firms could still pay “rewards” when customers perform certain activities on their platforms, which regulators would determine later. Coinbase runs one of the biggest stablecoin rewards programs.

• Coinbase’s program offers a 3.5% yield to some customers. Stablecoins have become an increasingly important source of profit for the exchange operator amid declining trading revenues. Rewards entice more customers to hold stablecoins, which are often a gateway into trading Bitcoin and other cryptos.

• Coinbase’s chief legal officer Paul Grewal wrote on X that they are focused on getting a bill done, and are “satisfied that this language should not be the basis of any objection.” The fight between banks and crypto firms threatened to upend the bill.

What’s Next: There are still significant hurdles. The Trump family has significant crypto businesses, and some Democrats say any bill needs to bar the family from profiting from those investments. The White House considers that a nonstarter. If Democrats retake the House in the midterms, they might delay the bill until 2027.

—Joe Light

The 20th Century Studios’ and Walt Disney’s The Devil Wears Prada 2 shot to the top of the domestic box office with an estimated $77 million opening weekend, according to Comscore. The remake of the 2006 hit did even better internationally, marking the start of Hollywood’s summer movie season.

• Comscore’s head of marketplace trends Paul Dergarabedian said The Devil Wears Prada 2 overperformed in 52 international markets, raking in $156.6 million—more than twice what it sold in the U.S. and Canada—for an estimated $233.6 million global opening. 

• In one weekend, the film has already made 72% of the entire run of the original The Devil Wears Prada, which sold more than $326.4 million worldwide. That includes 62% or $201.7 million, from outside of North America, according to Comscore.

Lionsgate’s Michael has sold an estimated $183.8 million domestically and $423.9 million worldwide. Universal Pictures and Nintendo’s The Super Mario Galaxy Movie has sold $924.2 million worldwide. Amazon MGM Studios’ Project Hail Mary has sold $638.4 million globally.

• For Hollywood overall, this weekend’s estimated $172.5 million in box office sales is 18% higher than the same weekend last year. The year to date domestic box office of $2.79 billion is up 14% from this point in 2025, according to Comscore.

What’s Next: Roth analyst Eric Handler said there is concern about how Disney’s Star Wars: The Mandalorian and Grogu, opening this Memorial Day weekend, will fare against last year’s draw, which included $146 million for Disney’s Lilo & Stitch and $64 million for Paramount Pictures’ Mission: Impossible: The Final Reckoning.

—Janet H. Cho

—Newsletter edited by Liz Moyer and Rupert Steiner