* JPMorgan acquires failed First Republic Bank
* Fed report finds fault with its oversight in collapse of Silicon Valley Bank
* China manufacturing unexpectedly contracted in April
* South Korea’s exports fell for seventh straight month in April
* Hefty churn in jobs expected in next 5 years, economic report predicts
* Charlie Munger sees trouble ahead for US commercial property market
* US consumer spending was flat in March, reflecting slowing economy
* Fed’s preferred inflation metric slows in April, but just barely:

The building boom may be a factor that pushes the Federal Reserve to continue raising interest rates. “The persistent strength in a sector that is usually among the first to suffer job loss when borrowing costs rise is undermining investor hopes that the Fed’s aggressive interest-rate increases would quickly slow inflation and rejuvenate the stock market,” reports The Wall Street Journal.