* Biden may ease some of Trump’s China tariffs
* Fed today may announce biggest rate hike since 1994
* European Central Bank starts emergency meeting after bond-market sell-off
* US mortgage rates jump sharply: national average at 6.28% for 30-year fixed
* Crypto firms lay off staff, freeze withdrawals as digital coin prices tumble
* China industrial production posts modest rebound in May
* US wholesale price inflation up 10.8% in May, near annual record
* US small business sentiment eased to new record low in May
* US Dollar Index holds near 20-year high:

Despite record low small business sentiment, business owners are having tough time hiring workers. “Fifty-one percent of owners reported job openings that could not be filled, up four points from April,” reports National Federation of Independent Business. “Ninety-two percent of those hiring or trying to hire reported few or no qualified applicants for the positions they were trying to fill,” the group finds in a new survey .

The job of shrinking the Fed’s huge $9 trillion balance sheet has started. “The Fed has been a big buyer and a big stabilising influence in the markets for a couple of years,” says Rick Rieder, chief investment officer for fixed income at BlackRock. “Losing that, with the uncertainty around inflation and growth, means that volatility in the rates market is going to be high, much higher than we witnessed over the last couple of years.”

US equity market valuation returns to something approximating “normal”, notes Bloomberg’s John Authers…

At lightening speed: