Fed's Goolsbee said that, given multiple inflationary pressures, the Federal Reserve is closer to needing to "take action".

SOUTH KOREA'S LEE said the government will launch a middle-ground policy to invest in companies and take equity stakes so firms, the government and citizens share the gains from growth.

Major Australian banks are coalescing around expectations that the Reserve Bank of Australia (RBA) will deliver another 50bp of rate hikes by year-end. After hawkish remarks from senior RBA officials last week, ANZ and Commonwealth Bank have adopted the view. Commonwealth Bank economist Belinda Allen said recent RBA communication and market pricing support the case for earlier-than-expected action. She added that, given the inflation backdrop, the risk is further tightening after September, though such a decision would be difficult.