Fed Governor BOWMAN said a "risk-averse culture" among Fed supervisors led to inaction, and that unclear decision-making authority has further exacerbated the problem.

SPIEGEL reports the German government has agreed on a cap on fuel prices.

Starting tomorrow, multiple upper-level troughs will make cold air more active in China, with four cold-air events expected through the end of September. The main episodes are projected for the 19-21st, 23-24th, 25-26th and around Sept. 30, affecting mainly Northwest, North China and the Northeast; intensity is expected to strengthen. Temperatures in eastern Inner Mongolia and the Northeast are forecast to fall 4-6°C generally, with some areas down 8-10°C; post-cooling, temperatures in parts of the Northwest and Northeast will drop to below-normal levels and may set new lows since the start of autumn. Cold-air activity will have limited impact on the south; under a dominant subtropical high, Jiangnan and South China should remain warm next week with daytime highs near 33°C in many areas, localized heat, and increased humidity as late-summer heat persists.