Fed Chair Kevin Warsh said the Fed remains shaped by the 2008 financial crisis and is highly attentive to risk.

S&P Global's final Germany manufacturing PMI rose to 50.3 in June from 50.1 in May, slightly above the preliminary 50.0, signaling marginal expansion. Output growth accelerated and new orders recovered modestly. S&P Global Market Intelligence deputy chief economist Phil Smith said firms are still partially relying on backlogs to sustain output, which is unsustainable, and early deliveries pose a downside risk. Elevated prices and uncertainty could weigh on near-term growth, and the outlook for prices will hinge on developments in the Middle East.

Federal Reserve Chair Kevin Warsh said the Fed is still in the first or second phase of this transformation.