Spot silver plunged 4.00% intraday to $62.47/oz.

Louis Navellier (Navellier & Associates) says Fed Chair Kevin Warsh is attempting to shift the Fed’s policy narrative by forming staff-level working groups to improve inf forecasting and track non-inf productivity growth. Navellier says narrative change will take time and may first show up in upcoming Beige Book reports. Warsh announced last week working groups to study communication, the balance sheet, data sources, productivity and employment, and inf.

The Office of the National Disaster Reduction and Relief Committee, the Ministry of Emergency Management and the National Food and Strategic Reserves Administration have allocated 40,000 central disaster-relief items to Hunan following heavy rain and flooding. Supplies—tents, folding cots, towels and blankets, site lighting, summer clothing, raincoats and boots—are intended to support local resettlement, emergency assistance and basic living needs for affected residents.