The European Union is trying to complete a sixth sanctions package targeting Russia for its invasion of Ukraine, but the debate is ongoing as Hungary wants yet another change—this one involving lifting sanctions against a Russian religious figure close to Vladimir Putin. The measures, announced earlier this week, include a partial Russian oil ban and removing Russia’s biggest bank from the SWIFT international payments system. Meanwhile, Biden administration officials are divided over how much further the US can push sanctions without sparking global economic instability and fracturing trans-Atlantic unity. The EU is also working to coordinate a ban on providing the insurance services needed to ship Russian oil anywhere in the world, a move that could badly hurt Moscow’s ability to finance its war. In Ukraine, Russian troops have seized more than two-thirds of the city of Sievierodonetsk in Ukraine’s eastern Luhansk region. And new US-provided missile systems for Kyiv have triggered warnings from the Kremlin. —Natasha Solo-Lyons

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Jamie Dimon warned investors to prepare for an economic “hurricane.” The US economy—despite record low unemployment—faces an unprecedented combination of challenges, including tightening monetary policy and Russia’s invasion of Ukraine, the JPMorgan CEO said. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.” 

Jamie Dimon Photographer: Chris Ratcliffe/Bloomberg

US equities started the month lower after a strong set of data suggested the Federal Reserve may need to move faster to slow inflation. The S&P 500 fell 0.8% as data showed an unexpected advance in US manufacturing activity as well as exceptionally high job openings. Financial firms in the index slid 1.7% after Dimon said private borrowers may be stranded as conditions tighten. Here’s your markets wrap. 

But in recent weeks, economic growth has slowed in some parts of the US, the Fed said. “Four districts explicitly noted that the pace of growth had slowed since the prior period,” the central bank said Wednesday. The Fed is also about to start shrinking its $8.9 trillion balance sheet, deploying a second tool along side higher interest rates to curb inflation.

More than one third of Americans earning at least $250,000 annually say they are living paycheck to paycheck, underscoring how inflation is taking a bigger bite out of budgets up the pay spectrum—and perhaps how saving money for a rainy day has gone out of style.

Elon Musk has had it with this whole working-from-home business. The Tesla CEO sent an email Tuesday to “Everybody” at his electric-car company, elaborating on an earlier missive to executive staff about the need to be in the office. “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week,” Musk wrote.

Elon Musk Photographer: Al Drago/Bloomberg

China’s top diplomat reaffirmed Beijing’s close relationship with Moscow despite criticism from the US and other nations as Russia kills thousands, if not tens of thousands, of Ukrainian civilians. 

Boris Johnson said it wouldn’t be “responsible” to resign over the various “partygate” scandals he’s been implicated in, even as a growing number of Tories call for him to go. 

• Bloomberg Opinion: The Fed’s mild inflation forecasts need explaining.
• Bloomberg Opinion: Will breaking up Russia end its imperialism?
• Inside Twitter, shuffled jobs and Elon Musk tweets dampen morale.
• Is the UK work visa worth it for graduates at top universities?
• Dubai’s 56% property surge collides with ghosts of 2009 crash.
• Parts of private equity look like a Ponzi scheme, Amundi CIO says.
• Jury in Johnny Depp defamation case hands up a mixed verdict.

People looking for a new podcast often go for a stimulating option like a political debate or a true crime mystery to quicken the pulse. But some listeners often need the opposite vibe: soothing sounds of static or falling rain. Enter—quietly—the white noise podcasters. While the top of the podcast charts are still dominated by garrulous hosts, these days you can also reliably find a smattering of white noise shows appearing in the mix. And the creators behind them are making big money doing it.

Bloomberg Technology Summit: Join us in San Francisco on June 8 where we’ll discuss the day’s big issues, from cryptocurrency and the metaverse to supply chain management and cybersecurity. New developments in biotechnology, space travel, gaming and work-from-home solutions will be addressed by leaders from Amazon, Uber, PayPal, LinkedIn, Slack, Google, Boeing and many more. Register here.