Macro Briefing: 18 May 2022

* Finland and Sweden formally apply to join NATO
* Fed Chair Powell says central bank will keep raising rates until inflation cools
* Europe in race against winter to find replacements for Russian energy
* Key climate change indicators set new record highs in 2021, UN reports
* Consumer inflation in Britain rises to 40-year high: 9% annual rate in April
* Central banks are on the hunt to estimate neutral rates to fight inflation
* UK may change trade rules with Northern Ireland, risking trade war with EU
* US industrial output rose in April, beating expectations
* Homebuilder sentiment in US falls to 2-year low in May
* US retail sales rose for a fourth straight month in April: