The Yinhua Yuehai Water Conservancy closed-end infrastructure investment fund listed on the Shenzhen Stock Exchange on the 28th, the Guangdong Water Resources Department said. It is China’s first REIT for power-generating water‑conservancy facilities and the country’s first provincial‑level water REIT.

RBNZ Governor Breman said the central bank is closely monitoring the exchange rate and that conditions are favorable for inflation to ease in 2027.

Markets largely expect a Fed pause but retain sizable odds of a December hike. 1) Messaging on a pause: whether officials frame a hold as temporary—awaiting more data—or as evidence policy is already sufficiently restrictive will be the primary market hinge. 2) Inflation pass‑through: US Sep CPI +3.7% YoY, core CPI +2.6% YoY; the Fed’s view on whether energy-driven price moves are spilling into services, goods and inflation expectations will influence the case for further tightening. 3) Forward‑guidance tradeoff: a policymaker who has repeatedly declined to pre‑judge future meetings again refused on Oct. 16 to outline a policy path; markets will test whether clear guidance can be conveyed without committing to timing. 4) Yields and financial conditions: elevated long Treasury yields and rising funding costs are tightening housing and other rate‑sensitive sectors; whether the Fed treats tighter financial conditions as a partial substitute for hikes is market‑relevant. 5) AI’s dual effects: officials note AI capex may boost near‑term demand while productivity gains are longer dated; the Fed’s assessment of short‑term inflationary impulse versus longer‑term disinflation matters for rates. 6) Political pressure ahead of the Nov. 3 midterms: calls for rate cuts from political leaders raise focus on whether the Fed will publicly defend independence or avoid political commentary.