Bitcoin (BTC) continues to trade within a narrow range around $77,000 during U.S. morning trading, reflecting a period of stabilization despite unsettling economic indicators. The University of Michigan's Consumer Sentiment Index for May fell to a record low of 44.8, down from 48.2, which was below economist expectations. This decline is mirrored by a drop in the Expectations Index to 44.1, signaling a deteriorating consumer outlook. Additionally, inflation expectations have risen, with the one-year Consumer Inflation Expectations Index increasing to 4.8% from 4.5%, and the five-year index rising to 3.9% from 3.4%. These figures present a challenging backdrop for Kevin Warsh, who is set to officially take over as chairman of the Federal Reserve at 11 am ET. His appointment comes at a time when rising oil prices, exacerbated by the ongoing Iran war, have reignited inflation concerns. Consequently, rate traders are now anticipating a greater than 70% probability of one or more interest rate hikes by the end of 2026. Meanwhile, U.S. stock markets are experiencing modest gains, with the Nasdaq up by 0.3% and the S&P 500 by 0.4% ahead of the upcoming three-day weekend.