Macro Briefing: 21 May 2024

* US should join with Europe to combat cheap Chinese exports: Yellen
* Target announces price cuts on 5,000 items
* Electricity grid under strain from growing use of AI
* There’s no “urgency” to adjust interest rates, says SF Fed president
* China is a key factor driving the rally in gold:

China leads the West in securing key supplies of minerals. “China is not just standing still waiting for us to catch up,” says Morgan Bazilian, director of the Payne Institute at the Colorado School of Mines. “They are making investments on top of their already massive investments in all aspects of the critical-minerals supply chain.”