Top-of-mind economic news as we start the week:
— China raised lockdown restrictions in Shanghai after four weeks of Covid outbreak; potential supply chain disruptions adding to inflation concerns.
— As Ukraine war enters 3rd month, Russia for the first time said it wants control of Ukraine’s eastern Donbas region and southern Ukraine in phase 2 of invasion.
— China is lowering interest rates while the US is raising them, resulting in 10-year Chinese and US gov’t bonds with similar yields, 1st time since 2010.
— Macron won French presidential election (58.5% of vote), sidestepping major shift in policy likely under far-right opponent Le Pen (41.5% of vote).
— The median price for US homes listed for sale is up 13.6% from 12 months ago, with 13% fewer homes listed vs. a year ago.
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