* Biden and McCarthy will meet today to discuss debt ceiling
* Wall Street plans for trouble if there’s a US default re: the debt ceiling
* Fed warns of credit crunch in wake of recent bank turmoil
* China exports rose 8.5% in April, beating expectations, but…
* China imports fell sharply in April, suggesting economic growth is weak
* US inflation expected to remain well above Fed target in April data
* Gold holds above $2000 an ounce ahead of Wednesday’s US inflation data
* US consumer inflation expectations fall in April for year-ahead outlook
* Bank lending standards remained tight in Q2, loan officer survey shows:

Revised second-quarter nowcast for US economy holds at solid +2.7%, according to the Atlanta Fed’s GDPNow model.The estimate marks a strong acceleration in growth after Q1’s weak +1.1%.