Wall Street marks its worst day in more than three weeks as markets await a fresh read on US inflation, with CPI forecast to hold near 40-year highs. “There’s nothing to suggest a recession is in the works,” says U.S. Treasury Secretary Janet Yellen. She rejects suggestions that a downturn is on the way, highlighting that the labour market is strong. China bucks the global inflation trend, as input prices hit at 14-month low, while consumer price inflation comes in below forecasts for May.  The ECB pledges to raise rates by 25 basis points in July and leaves the door open to a more hawkish move in September, as the central bank significantly slashes growth forecasts and raises inflation expectations.

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