Fed's Williams says inflation expectations are well anchored and wage growth is consistent with the Fed's target.

Beijing’s 15th Five-Year housing plan prioritizes urban renewal and targets comprehensive renovation of aging residential compounds. The city will carry out special inspections of urban residential complexes over 20 years old, continue renovating complexes built by end-2000 where residents strongly seek upgrades, steadily advance municipal complexes built 2001–2005, and intensify renovation of centrally- or military-owned old housing. Authorities will deploy preferential policies to support replacement and upgrading of aging residential elevators. The plan also calls for accelerated remediation of hazardous and dilapidated housing, establishment of a normalized governance mechanism, enforcement of housing-safety responsibilities and prompt disposal of C- and D-grade dangerous buildings.

Morgan Stanley (MS.N) says the equity market pullback is nearing its end.