* Biden warns Russia against ‘harmful activities’ on first foreign trip
* Keystone crude oil pipeline project cancelled after Biden rejects permit
* G-7 summit set to begin–here’s the agenda
* Biden tells UK’s Johnson not to imperil Northern Ireland’s peace over Brexit
* US and UK agree on “Atlantic Charter” to cement trade, travel and tech ties
* Global value of financial assets rise to $250 trillion
* Are bitcoin transactions untraceable? Apparently not
* 10-year Treasury yield falls to 1.50% — lowest in over three months:

Real estate is running hot lately. Just in time for the start of summer. Deciding why property shares are blowing away most other slices of the major asset classes is a slippery affair, but there’s no debate about the performance sizzle.

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The US economy remains on track to post stronger growth in the second quarter, although the pace of acceleration over Q1 has been revised lower in recent weeks, based on a set of nowcasts.

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* Senate passes bill to strengthen US tech competitiveness with China
* Biden ends infrastructure talks; discussions shift to bipartisan group
* Biden to begin first foreign trip with Putin and Europe on agenda
* EU considers ending tariff battle with US during Biden visit
* China’s factory-gate inflation rose to 13-year high in May
* US billionaires paid little or no tax
* US trade deficit narrowed slightly in April after reaching record level
* Small business optimism fell in May as firms struggle to hire workers
* US job openings surged in April to record high amid worker shortage:

Inflation pressures remain relatively high for the US but the rebound after pandemic lows may be peaking, according to the latest update of the Inflation Trend Index (ITI), a seven-factor benchmark that’s designed to provide a degree of forward guidance on the directional bias of pricing activity.

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* Kamala Harris, in Guatemala, tells migrants ‘Do not come to US’
* US recovers most of ransom paid by Colonial Pipeline to hackers
* Fed in early stages of preparing markets for tapering asset purchases
* FDA approves Biogen’s Alzheimer’s disease drug
* Higher commodity prices are a risk factor for global economic recovery
* Eurozone economy contracted by much less than expected in Q1
* Japan’s economy fell less than initially reported in Q1
* German industrial output posts unexpected decline in April
* US consumer borrowing rose for third straight month in April
* US 10-year Treasury yield near two-month low ahead of inflation update:

Nearly every slice of the major asset classes posted a gain last week, based on a set of exchange traded funds, led by real estate investment trusts (REITs) in the US.

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* US Senate set to pass huge industrial policy legislation
* Cracks in Democratic Senate unity imperil party’s policy agenda
* Will Congress approve the G-7’s agreement on a global minimum tax?
* Treasury Sec. Yellen says higher rates would help US
* China’s imports rose at fastest pace in 10 years in May
* US oil prices reach $70 a barrel for first time in three years
* Will we need Covid-19 booster shots? Scientists are studying the question
* US employment growth picked up in May but fell well short of expectations
* Real US Treasury yields via TIPS remain deeply negative:

Finally, some alpha. Two of our three proprietary strategies dispensed some benchmark-beating returns last week (through June 4) after a stretch of underperformance. A third matched the benchmark, Global Beta 16 (G.B16), which continually holds the 16-fund opportunity set (shown in the table at the end of this update).

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● The Profit Paradox: How Thriving Firms Threaten the Future of Work
Jan Eeckhout
Review via NPR
While it’s had some ups and downs, the stock market has soared to historic heights in recent years. For many, that’s great news: It’s a sign the economy and their retirement accounts are doing really well. For Jan Eeckhout, however, the booming stock market is a sign there’s something deeply wrong with the economy.
Sure, the economist says, he has a retirement account with stocks, and he personally benefits from the ongoing bonanza on stock exchanges. But the rocket ride of the stock market is powered by the exploding profits of increasingly powerful corporations. Their increasingly ridiculous profits, he says, are eating the income of the vast bulk of workers and hurting the overall economy. That notion is the central thesis of his forthcoming book, The Profit Paradox: How Thriving Firms Threaten the Future of Work.

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