Fed Chair Goolsbee said there is no provision in the Federal Reserve Act requiring the Fed to keep the bond market satisfied, and the stock market should not be surprised.

China Index Academy reports the property market has continued to bottom since Q3, with marked divergence across segments. New-home sales remain depressed, with first-tier cities outperforming. Resale transactions are rising and account for a larger share of housing turnover, indicating a shift toward a stock-driven market; resale prices remain under adjustment while premium projects in core cities provide some support to new-home average prices. Land market volumes have contracted; developers are focusing acquisitions on core cities and high-certainty projects. Reform of commercial-housing sales rules took effect on Aug. 28 and local implementing rules began to appear end-September, accelerating adjustments to the sector’s development model. Outlook: the market is expected to sustain its bottoming trend into Q4; the reform’s fuller effects are likely to emerge from 2027.

FAA administrator said that despite software problems on the Boeing (BA.N) 737 MAX, pilots remained in control during return-to-service operations.