Headlines discussed at LNWM’s Monday morning briefing:

— US-China tensions escalated, as US raised tariffs to 25% on $200 billion worth of goods; China said it will counter June 1.
— The US bond yield curve inverted (3-year Treasuries are yielding more than 10-year), indicating greater risk of economic slowdown.
— Chinese bond defaults are expected to hit another high this year, after quadrupling in 2018; driven by crack down on risky private loans.
— US inflation remains benign so far — the CPI was up 0.3% in April for an annualized rate of 2% — in line with the Fed’s price level target.
— A Silicon Valley stock exchange was approved by US regulators, allowing relatively new companies to tap the public markets for funding.

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