China "flash manufacturing" PMI China "flash manufacturing" PMI (HSBC/Markit) fell to 48.3 in June to mark a nine-month low after a final 49.2 reading in May. A discouraging sign for the economic rebound, the 48.3 mark was the second consecutive reading below the 50.0 cutoff that separates expansion from contraction since October.
Bernanke on inflation: Bernanke on inflation: he echoed the policy statement that longer term inflation readings remain stable, but said there are some transitory factors that are keeping near term rates subdued. The Fed isn't taking anything for granted, he said, and added policymakers are carefully monitoring inflation data. He acknowledged that TIPS rates have come down but remain within historical norms. The Fed is trying to ensure both that inflation doesn't come in too high, or too low.