Fed's Williams said the current monetary policy stance is well positioned to bring inflation back to target and that inflation is "undoubtedly too high." He flagged large-scale AI-related investment as a key uncertainty: while he expects AI spending to boost productivity materially over time, the economy is in a race between supply and demand and the size and duration of any imbalance are "highly uncertain." He noted that in some goods categories demand growth still outpaces supply. Williams sai

Drought-driven low water on the Rhine has forced barges to reduce cargo loads, raising freight costs and threatening supply chains for German manufacturers reliant on river shipments of coal, crude and chemicals, German inland waterways association (BDB) deputy director Fabian Spiess said. The Kiel Institute estimates the multi-month low-water episode in 2018 cut German economic output by about 0.4%. Deutsche Bank economist Marc Schattenberg said the situation is aggravated this year by the closure of a key rail freight line on the Rhine's right bank for construction, limiting rail substitution capacity. Low Rhine levels could also add to inflationary pressure; ECB board member SCHNABEL has flagged river water levels as a possible factor keeping inflation elevated as the ECB weighs further tightening.

美聯儲主席沃什：我非常喜歡美聯儲理事會和地區聯儲的結構。