June 22 (Wednesday)

Latest Morning Briefing Executive Summary: The Latest Business Cycle
The Census Bureau’s monthly “Manufacturing and Trade Inventories and Sales” report is chock-full of valuable information that often goes unnoticed by the media and economists alike. Last week’s release, with data through April, shows inventories starting to rise relative to sales, especially among retailers. That implies good and bad news—good for constraining inflation, bad for economic growth, increasing the risk of a goods-led recession. … And: With global inflation surging, are the major global central banks tightening with Fed-like fervor? Not exactly. Melissa examines the unique issues in Europe, Japan, and China that are tempering their monetary policy responses.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Stock Market Jumps After S&P 500’s Worst Week in Two Years | W

Energy
Biden’s proposed windfall profits tax will make America less energy secure | The Hill
As Biden weighs a federal gas tax holiday, here’s what that could mean for prices at the pump | C
How Biden got caught in Russia’s oil and gas web — and who is paying the price | MSNBC

Global
Are supply chain woes being exaggerated? | The Hill

Central banks
Sick of inflation? Blame the Federal Reserve | Washington Examiner

US
U.S. Existing-Home Sale Prices Hit Record of $407,600 in May | W
Sales of existing homes fell in May, and more declines are expected | C
5 signs the housing market is starting to slow down | NN

Geopolitics & trade
Russia warns Lithuania of ‘consequences’ over blocked rail to enclave | R
Taiwan scrambles 29 jets to warn away Chinese planes in its air defense zone | R
Companies Find Leaving Russia Difficult, Though Many Are Trying | W

Industries & companies
Autos: Tesla sued by former employees over ‘mass layoff’ | R
Autos: Elon Musk clarifies Tesla will lay off 3.5% of total workforce as ex-employees sue company | C
Retail: Lowe’s expands into the metaverse with a tool to help visualize projects | C

Corporate finance
Kellogg Splitting Into Three Companies as It Shifts Focus to Global Snacks | W