Miran, if nominated and approved by the Senate, is only expected to serve a term that expires in January, according to the person, who requested anonymity to discuss internal deliberations.

The Minneapolis Fed chief added that tariffs still represent a significant uncertainty and it's unclear what impact they'll have on inflation.

"I asked him just last night, is this something you want?" Trump said Tuesday in an interview with CNBC. Bessent's response was, "Nope, I want to stay where I am," he said.

The Federal Reserve governor's term was set to expire in January and President Donald Trump has made it clear that she would not be reappointed. The vacancy will give Trump an opportunity to appoint someone new to the central bank's board.

Municipal yields fell four to seven basis points, depending on the curve, while UST yields rallied nine to 30 basis points, with the largest gains on the front end.

The FOMC held rates steady at the conclusion of its meeting Wednesday and offered no hints regarding a September move.

Although the Federal Reserve is not expected to cut rates at this meeting, the market is closely watching for signs of a September easing and how the divide among officials plays out.

There have been critics of SRO authority since they started regulating the financial industry nearly a century ago, but their ideas have yet to find a political moment so suited to them.

As the market continues to contend with the surge in issuance, investors still have a significant amount of cash that can be put to work, said Jeremy Holtz, a portfolio manager at Income Research + Management.

As always, economists had disparate interpretations of the consumer price index, with none expecting a July rate cut. And tariff questions remain unanswered.

The markets are waiting for the Federal Open Market Committee to make its next move.

UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.

"The trend of heavy issuance that began last year has continued in the first half of 2025, surpassing even our rather optimistic expectations," said Barclays strategists Mikhail Foux, Grace Cen and Francisco San Emeterio.

"We have to navigate policy not only depending on how the environment evolves, but also with keeping those two objectives in mind," Daly said.

"I would be quite surprised if he did not make a choice that fair-minded observers on both sides recognized as a reasonable person," Summers said on Bloomberg Television.

"We could do this as early as July," Waller said Friday in a televised interview.

The panel is not expected to change rates, but the dot plot will be watched to see if the Fed's prior projection of two rate cuts this year holds.

As Congress grinds through the budget reconciliation, fixed income market experts are eyeballing an uncontrolled national debt while dreading a heavy-handed response from the Treasury bond market.

A "lighter-than-anticipated CPI report" led to UST firmness, as it "quelled fears about tariff-related inflation and boosted enthusiasm that the Fed will cut rates in the next two or three meetings," said José Torres, senior economist at Interactive Brokers.

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.