President Trump said capital flows into the United States are now larger than at any time into other countries.

The Kremlin said Russian President Putin and Turkish President Erdogan discussed proposals concerning the Black Sea and held further diplomatic talks.

Fed governor MUSALEM said on Monday that strong demand and commodity shocks beyond oil may require further rate increases to bring down inflation. He urged acting sooner rather than waiting, saying persistent demand and recurring supply pressures are increasing inflation risk and that, absent further policy action, inflation is likely to be materially above the 2% target in about 18 months. He said policy must meaningfully constrain inflation to allow the Fed to reach its target within roughly a year and a half and give time for tightening to work, adding that earlier, gradual tightening is preferable to later, larger and potentially abrupt moves. MUSALEM warned that inflation "is not a risk, it is here," and that underlying inflation excluding oil and other supply-related factors may be several percentage points above the Fed's target and is moving in the wrong direction.