Macro Briefing: 20 June 2022

* Ukraine war could last years, says NATO’s secretary-general
* France’s newly-elected President Macron loses absolute majority in parliament
* EPA’s power over greenhouse gases at stake in upcoming Supreme Court ruling
* Emerging markets face rising pressure from higher interest rates and inflation
* Apple workers in Maryland vote to unionize
* Bitcoin rebounds after a sharp slide below $18,000 over the weekend
* US Treasury real yields rebound to positive terrain but still below 2018 peak:

Small businesses in the US are having a tough time weathering higher inflation. “Companies with under 50 workers lost head count in three of the past four months, data show, reflecting difficulties in keeping pace on wages and benefits,” reports The Wall Street Journal.

When will stock market correction end? “Stocks Historically Don’t Bottom Out Until the Fed Eases.”

US inflation won’t slide to Fed’s 2% target for two years, says Cleveland Federal Reserve Bank President Loretta Mester. “It isn’t going to be immediate that we see 2% inflation. It will take a couple of years, but it will be moving down,” she predicts.

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