Macro Briefing: 7 June 2023

* US banking system may come under strain as US borrowing spree kicks in
* SEC sues Coinbase, alleging firm acted as unregistered broker and exchange
* China exports fell sharply in May, much more than expected
* Sequoia Capital, a major tech investor, will separate its China and US businesses
* Oil unlikely to reach $100 a barrel, predicts analyst
* Some economists say US recession fears are overblown
* World Bank raises forecast for global growth in 2023 to 2.1%:

The ratio of US debt to the size of the economy (GDP) is on track to rise to record highs, reaching nearly 200% by 2053. “Over the next five years, given the current astronomical levels of sovereign debt relative to GDP (see Figure 2), the fiscal space will be more limited than in the past – either by politics or financial markets – and will constrain the ability of fiscal policy to soften future economic downturns,” advise analysts at Pimco.