China and Hong Kong stocks lead gains in Asia markets; Evergrande shares plunge as much as 87%

Investors will be looking at China's factory activity on Thursday, as well as PMI readings across the region on Thursday.

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"I'm uncomfortable with declaring victory when it's clearly not victory," Goolsbee said. "We stated before we got into this what the target was going to be. I just don't feel like you can change your inflation target until you hit it that." A nonvoting member of the rate-setting Federal Open Market Committee, Mester has been one of the more hawkish Fed officials, meaning she prefers tighter policy and higher rates, at least as long as inflation holds above the central bank's 2% target. In June, she penciled in two rate hikes this, one of which already has happened.

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