Business calendar: Inflation up, markets down

STORY: Here’s what's coming up in the business and finance world in the week to May 27.

Can the U.S. Federal Reserve tame the worst inflation in decades, while avoiding recession?

On Wednesday we'll get meeting minutes which may offer some clues.

They'll show just how bad policy makers expect inflation to be, and whether growth can survive tighter monetary policy.

The Fed is expected to hike rates again in July.

On Wednesday and Thursday we'll see how other central banks are trying to keep up.

New Zealand and South Korea are expected to announce half point increases.

Keep an eye on Wall Street over the next few days.

It's in the grip of bear market territory.

The S&P 500 is down around a fifth and the Nasdaq has lost more than a quarter since late last year.

The selloff is widespread, and there is no end in sight.

Policymakers globally may soon pivot to focus on recession risks.

Forward-looking data on manufacturing and service sectors in the coming week may show how close that turning point is.

PMI data from the U.S., the euro zone and Japan is worth watching.

And the prospect of a Russian default is back.

A deadline for a U.S. license allowing payments expires on Wednesday. Moscow must fork over $100 million in interest before then.