* Fed begins shrinking its $8.9 trillion balance sheet to combat inflation
* OPEC agrees to boost oil output as Russian production drops
* China to launch aircraft carrier that will project military power globally
* US factory orders and shipments post modest gains for April
* Jobless claims eased last week, holding near multi-decade low
* ADP estimates hiring by US firms in May was the slowest gain of the recovery:
* US job openings remain high in April as companies struggle to find workers
* Saudi Arabia says it will pump more oil if Russia’s output falls sharply
* Biden reportedly will visit Saudi Arabia as oil prices stay high
* Mortgage rates in US up sharply after easing in recent weeks
* Fed Beige Book reports ‘slight or modest’ economic growth recently
* Global manufacturing output falls for second month in May via PMI data
* Construction spending in US rises less than expected in April
* US ISM Mfg Index rose in May, signaling that moderate growth continues:
* US to provide Ukraine advanced rocket systems that may escalate the war
* China sends 30 warplanes near Taiwan during large training drill
* China eases Covid lockdown on Shanghai, the country’s economic and trade hub
* China mfg activity contraction eases in May, Caixin PMI shows
* Eurozone inflation rises to annual 8.1% pace in May, a new record high
* Chicago PMI rises in May, beating expectations
* Treasury Sec. Yellen concedes she was “wrong” about inflation expectations
* Is the US providing the Ukraine war with momentum that’s “impossible to stop”?
* High inflation and rising interest rates cool consumer confidence in May:
