There are many factors that drive consumer price inflation, but at the headline level the oil factor is often the first among equals. By that standard, the recent pullback in the price of crude hints at the possibility that we’ve seen the summit for inflationary pressure at the headline level.
* US-China relations strained by Biden’s comments on defending Taiwan
* US policy for trade policy with China remains unclear
* European Union embargo on Russian oil imports expected ‘within days’
* Eurozone growth is ‘robust’ in May via PMI Composite Index survey data
* ECB chief says central bank in no rush to tighten monetary policy
* The Great Resignation set to roll on, according to a new global survey
* Is Spain the answer to Europe’s Russian energy problem?
* UK private sector growth eases to slowest pace since winter 2021
* US growth remained robust in April via Chicago Fed Nat’l Activity Index: