Macro Briefing: 25 May 2022

* Recession appears to be overtaking inflation as main concern for investors
* China seeks policing/security deal with 10 Pacific island countries
* China economic outlook weakens as zero-Covid policy takes a toll
* ‘Constant waves’ of Covid expected, predicts Pfizer’s chief executive
* US Treasury Dept. policy change may trigger historic Russian default
* Is tech lifting US productivity? The debate (and lack of clear evidence) persist
* New home sales in US fell for a fourth straight month in April
* US growth slows in May more than expected via PMI survey data: