The Monday Mix: May 23 – 30, 2022

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Top-of-mind economic headlines as we start the week:

Sales of new US homes dropped 17% in April 2022 (from March); an eight-month supply of new houses was recently for sale, twice the level of a year ago.

The European Union agreed to block about 67% of oil imports from Russia (those coming via ships); oil prices jumped to around $118/barrel in response.

The US economy shrank by 1.5% in 1st quarter 2022, more than the initial 1.4% estimate; consumer spending and jobs market still going strong.

The Congressional Budget Office forecast US GDP growth of 3% in 2022, trending lower in 2023 and 2024, with inflation slowing to 2% by 2024.

Japan will issue 20 trillion yen ($US 157 billion) in “green” bonds, to fund decarbonization and clean energy goals.

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