The Treasury market’s outlook has turned grim, based on the inverted yield curve of late. Another dimension of the cautious outlook is yesterday’s sharp drop in the implied inflation outlook, based on yield spreads for nominal less inflation-indexed Treasury rates.

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US proposes tariffs on nations with undervalued currencies: Bloomberg
UK Prime Minister May announces resignation: Reuters
India’s Prime Minister Modi wins second term: NY Times
Inflation in Japan edged up to 3yr high in April: Reuters
New US home sales fell in April after reaching post-recession high: MW
US jobless claims dip to 211k, close to 50-year low: MW
KC Fed region factory growth is sluggish in May: KC Fed
US economic sentiment falls to 3-year low in May via Composite PMI: IHS Markit