HKEX closed today for Hong Kong SAR Establishment Day.

An ECB Governing Council member said this autumn may bring more clarity on wages.

Kevin Warsh said the Fed still needs to shrink its large balance sheet, but any major policy move will take time and be fully communicated. Decisions will undergo extensive public discussion and will not be implemented until financial markets fully understand the measures. He noted it took roughly 18 years to build the current balance sheet and that it now has fiscal-like attributes. Warsh said more time is needed to determine the balance-sheet policy path, he remains open-minded and will not pre-judge, and he expects interest-rate policy to remain the Fed’s primary tool.