N. Korea again raises doubts about summit with US: MarketWatch
Trump is eyeing new tariffs on auto imports into US: CNN Money
US disinvites China for naval exercise: Politico
New US home sales dipped in Apr but continued to rise on y-o-y basis: MW
Fed minutes: officials will let inflation run above 2% target: CNBC
US opens investigation into Bitcoin manipulation: Bloomberg
US economic activity strengthened to a 3-month high in May: IHS Markit

The US stock market has suffered a rough ride so far in 2018, but technology shares remain the strongest trend performer for the major US equity sectors, based on a set of exchange-traded funds through yesterday’s close (May 22).
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US-N. Korea summit in doubt, Trump says: CNN
Trump hints at new round of tax cuts ahead of Nov elections: MarketWatch
Republican senators have doubts about Trump’s trade talks with China: The Hill
Fed’s Mester sees possibility of stronger inflation ahead: MNI
Eurozone growth slips to 1-1/2 year low in May: IHS Markit
Americans report stronger finances in new Fed survey: Reuters
Richmond Fed mfg index rebounds in May: Richmond Fed
US employment optimism rises to new high: Gallup
US gasoline rises to highest price since late-2014:

The Global Market Index (GMI) — an unmanaged, market-value weighted portfolio comprised of the major asset classes — is expected to earn an annualized 4.9% risk premium (return over the “risk-free” rate) in the long run, based on analysis of data through April 2018.
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S. Korea’s president to meet Trump on Tues for N. Korea discussion: CNN
US reinforces E. Asia’s missile defenses ahead of N. Korea summit: Reuters
Trump retreats from imposing sanctions on China: Bloomberg
US demands Iran make changes to policy or face economic sanctions: Reuters
Goldman’s chief economist: US fiscal outlook is troubling: CNBC
Philly Fed president supports 2 to 3 rate hikes for the rest of 2018: Reuters
Minneapolis Fed president warns against aggressive interest rate hikes: MW
Atlanta Fed president: Fed close to its inflation, employment goals: Reuters
Chicago Fed Nat’l Activity Index: 3-mo avg for Apr rises to 2018 high: Chicago Fed

Markets declined last week in nearly every corner of the major asset classes, with the lone exception of broadly defined commodities, based on a set of exchange-traded products.
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Iran says EU support for nuclear deal is insufficient: Reuters
Trump is having second thoughts about meeting with N. Korea’s leader: The Hill
Trump demands investigation on Russia investigation’s surveillance tactics: CNN
Mueller will reportedly end obstruction inquiry on Trump by Sep 1: NY Times
Treasury Secretary: US putting China tariffs on hold during negotiations: LA Times
China tests bombers in South China Sea: CNN
Venezuela’s Maduro wins election amid claims of vote rigging: BBC
JP Morgan’s Dimon: rising yields with econ growth is “normalization”: Bloomberg
NY Fed’s revised US Q2 GDP nowcast ticks up to +3.2%: NY Fed

● The Book of Why:
The New Science of Cause and Effect
By Judea Pearl and Dana Mackenzie
Summary via publisher (Basic Books)
Correlation is not causation.” This mantra, chanted by scientists for more than a century, has led to a virtual prohibition on causal talk. Today, that taboo is dead. The causal revolution, instigated by Judea Pearl and his colleagues, has cut through a century of confusion and established causality–the study of cause and effect–on a firm scientific basis. His work explains how we can know easy things, like whether it was rain or a sprinkler that made a sidewalk wet; and how to answer hard questions, like whether a drug cured an illness. Pearl’s work enables us to know not just whether one thing causes another: it lets us explore the world that is and the worlds that could have been. It shows us the essence of human thought and key to artificial intelligence.
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The downshift in US economic output in the first quarter hasn’t raised business-cycle risk, based on the latest economic updates. A proprietary set of analytics developed by CapitalSpectator.com show that the probability remains virtually nil that a recession has started or is imminent.
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Add BlackRock’s CEO to the list of high-powered people in finance who are skeptical that a flattening yield curve reflects a threat that’s brewing for the US economy. Although a narrowing spread between short and long Treasury rates has been a warning sign in the past, this time is different, said Larry Fink, head of the world’s biggest money manager.
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