Fed Chair KEVIN WARSH says the likelihood of substantially stronger economic growth is rising.

China State Planner said the Chinese integrated circuit industry shows four market-relevant features this year. First, key core technologies are breaking through: high-end chip design and manufacturing capabilities are improving, power and compound semiconductors are accelerating differentiated competitiveness, and advanced packaging and memory are making faster progress. Second, corporate competitiveness is strengthening: as of Aug. 27, listed companies with disclosed results reported H1 revenue +12.8% YoY and net profit +99% YoY; R&D spending rose 13.4% YoY. Third, investment and capacity expansion are accelerating: IC manufacturing investment was up 11.5% YoY in the first seven months. Fourth, capacity utilization remains high—major domestic foundries averaged above 90% in H1 and process capacity is ramping to meet automotive- and industrial-grade chip demand. The agency also said industry-chain security has materially improved.

Fed's Hammack says the era of low interest rates may be unusual.