Bank of England chief economist Pill said monetary policy over the past few years has not been tight enough.

The State Administration for Market Regulation said China’s enterprise credit index stood at 161.53 in May, with overall corporate credit remaining stable. Top five industry scores were financials; power, heat, gas and water production and supply; residential services and repairs/other services; water conservancy, environmental and public facility management; and manufacturing. Residential services and repairs posted the largest gain, entering the top five for the first time this year. Culture, sports and entertainment edged higher, with credit resilience continuing to strengthen.

Citigroup rates strategists said in a note they slightly raised their year‑end 10‑year US Treasury yield forecast to 3.9% from 3.75% after the Fed’s hawkish stance at the June meeting. They keep a medium‑term bullish view on US Treasuries, arguing recent Middle East conflict is unlikely to feed through to core inflation and that the balance of risks points to a weakening, not strengthening, labor market.