* Biden and GOP House leaders to meet on Tuesday for debt-ceiling talks
* Plunging tax revenue brings debt-ceiling crisis closer
* Turkey’s presidential election in Turkey heads to runoff vote
* Ukraine’s Zelensky in UK for surprise meeting with prime minister
* Germany pledges ‘unwavering’ support for Ukraine as Zelensky visits
* Automakers rush to get into mining as electric-vehicle market grows
* Vice Media files for bankruptcy after years of financial troubles
* US consumer sentiment in May falls to lowest level since November:

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● Paved Paradise: How Parking Explains the World
Henry Grabar
Review via LA Times
The cost of parking requirements for new real estate developments is in the billions, passed on in the form of higher payments for mortgage and rent. This contributes, Grabar contends, to a housing crisis that renders great swaths of vibrant American cities unaffordable to younger generations, with increasing numbers living in tent encampments on public sidewalks (and parking lots!) in what still counts as the world’s most prosperous nation.

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The April update on US consumer inflation was widely reported as delivering another round of encouraging news. But a closer look at a broader set of inflation metrics suggests that further progress on disinflation could take longer than expected.

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* US cities prepare for surge of migrants after change of immigration rules
* House passes bill to restrict flow of immigrants into US
* Fed’s Bowman says more rate hikes needed if inflation, job market stay strong
* Debt ceiling meeting between Biden and congressional leaders postponed
* Uncertainty persists about exactly when Treasury will run out of cash
* Regional bank stock remain volatile as PacWest Bancorp shares sink
* Corporate bond market may offer opportunity in debt-ceiling crisis
* US wholesale inflation continues to ease in April
* US jobless claims rise to 1-1/2 year high:

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The wide spread between the US 10-year Treasury yield and CapitalSpectator.com’s lesser fair-value estimate continues to narrow, albeit slowly. As outlined on these pages in recent months, the model continues to project a lower market rate ahead. Timing is unknown, but today’s revised analytics reaffirm the forecast. Continue reading →

* Yellen doubts Biden administration can avoid default without Congress
* Migrant influx to US from Mexico surges as pandemic-era law ends
* China and US debt-ceiling risk expected to dominate G7 finance meeting
* Republican-led states move to falls to near-zero pace, slowest in two years
* SoftBank suffers record $32 billion loss for its Vision Fund
* US consumer inflation ticked down to 4.9% annual rate in April:

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The world’s favorite precious metal is enjoying a moment in the sun lately. Trading at record highs recently, gold’s allure is back in vogue as various macro risk factors provide a tailwind. Continue reading →

* Biden describes debt-ceiling talks with Republican leaders as “productive”
* Debt-ceiling deal remains elusive, but leaders will meet again Friday
* Americans lack confidence in key US economic leaders, survey finds
* Cryptocurrency exchange Bittrex files for bankruptcy
* New listings for US home sales fell 21% in April vs. year-ago level
* OpenAi tops CNBC’s list of top-50 firms as 2023 disrupters
* US small business sentiment slips in April to lowest level in a decade:

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* Biden and McCarthy will meet today to discuss debt ceiling
* Wall Street plans for trouble if there’s a US default re: the debt ceiling
* Fed warns of credit crunch in wake of recent bank turmoil
* China exports rose 8.5% in April, beating expectations, but…
* China imports fell sharply in April, suggesting economic growth is weak
* US inflation expected to remain well above Fed target in April data
* Gold holds above $2000 an ounce ahead of Wednesday’s US inflation data
* US consumer inflation expectations fall in April for year-ahead outlook
* Bank lending standards remained tight in Q2, loan officer survey shows:

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Fixed-income markets ex-US led performances during a mixed week for the major asset classes through the close of trading on Friday, May 5, based on a set of ETFs.

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