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Bloomberg estimates US$1.6T smaller global economy, as bonds that keep world connected, allow abundance of products/services in recent decades are breaking down; reversal in globalization may result in higher inflation, less productivity, 15% poorer world

Bloomberg predicts US growth could outpace China in 2022, the first time since 1976, sees China's economy growing 2% versus US GDP rising 2.8%; while US struggles to cope with inflation, its economy still driven by high hiring, strong consumer spending

Ross Stores' Q1 net earnings fall to US$338.4M from US$476.5M amid headwinds of higher freight, wage costs, inflationary pressures; sales fall to US$4.33B from US$4.52B, comp sales fall 7%

BofA: Effects of China's Covid lockdowns on US economy should become apparent in government data released in June; lockdowns won't spur new peak in yearly inflation, but short burst of upward pressure on prices could slow rate at which overall prices cool

Fifty-four percent of US consumers say they're dining out less often due to inflation, while about one-third are choosing to trade down rather than trade out, opting for less expensive restaurant and meal options to counter rising prices: report

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