Microsoft (MSFT) launched an Azure cloud region in south-central India, its fourth cloud region in the country.

Fed’s Goolsbee warned the Fed cannot ignore repeated, persistent supply shocks and may need to respond in ways that cause economic pain. He said supply shocks are occurring more frequently, with greater magnitude and longer duration, and if they prove persistent the argument for ‘‘ignoring’’ them no longer holds. Policy responses to supply-driven inflation need not be as aggressive as for demand overheating, but the adjustment will not be painless, he added, noting stagflationary shocks force a painful trade-off between employment and inflation and the only route back may be a hard one.

Hebei statistical bureau said industrial value added of enterprises above designated size rose 5.0% YoY in Jan–Aug. By sector: mining +2.5% YoY, manufacturing +5.8%, power/heat/gas and water supply +2.6%. By ownership: state-controlled +0.6%, joint-stock +4.8%, foreign/HK-Macau/Taiwan-funded +9.5%, private +7.4%. By firm size: large +4.5%, medium +3.6%, small +7.1%. Of 40 major industries tracked, 28 (70.0%) expanded; strongest growth seen in instrument manufacturing +49.3%, nonferrous metal mining +22.8%, pharmaceuticals +14.6%, rail/ship/aerospace & other transport equipment +10.5%, and auto manufacturing +8.7%.