* US and its allies grapple with how to reduce economic ties with China
* GOP House Speaker McCarthy set to recommend spending cuts on Wall Street
* Democratic senators favor forcing House vote on debt limit increase
* Banks may further tighten lending standards, says Treasury Sec. Yellen
* ECB to lift deposit rate to 3.75% peak in July, survey predicts
* ECB chief says she has ‘huge confidence’ that US won’t default on its debt
* Google reportedly developing AI-powered search engine to fend off rivals
* Big banks report surging revenue and profits for the first quarter
* US retail spending slump deepens in March:

First-quarter corporate earnings set for worst setback in three years. “Earnings season is going to be dreadful,” predicts Philip Orlando, chief equity market strategist at Federated Hermes. “Investors should be wary of a nasty shock, as there’s a major disconnect between recent stock rallies and company earnings results.”