U.S. President Trump said he will never abandon U.S. allies.

Fed Vice Chair Jefferson said economic output and the labor market are broadly stable.

Minneapolis Fed President Kashkari said he expects the Fed will need further rate hikes to rein in the economy and inflation but does not have a strong view on acting at the October meeting. He had previously forecast another 25bp this year and an additional hike in 2027; since the September meeting US activity has been stronger than he expected and inflation remains too high. If the economy stays unusually strong and inflation proves more persistent, rates could need to rise above current expectations. Kashkari said the labor market is healthy and the economy's strength suggests policy may not be "particularly restrictive." He added recent market volatility has not created systemic risk and the US Treasury market can absorb a re-pricing of rates.