The three major U.S. stock indexes fell in pre-market trading, with the Nasdaq down 0.59%.

New York Federal Reserve President Williams stated that the industry has already begun proactively expanding infrastructure for cleared repos and cash transactions. Trading activity is shifting from uncleared to cleared markets, and overall progress is ahead of the regulatory deadline. In this speech, he did not comment on the monetary policy stance.

A survey by Citigroup shows that among 350 family offices across more than 40 countries, inflation has replaced trade wars and tariffs as their biggest concern, followed by interest rates and the stability of the global financial system. More than 90% of family offices surveyed reported positive returns this year, and nearly half said they increased their holdings of publicly listed stocks in the first half of the year. Meanwhile, Citigroup’s head of wealth management noted that gold now features in almost every client conversation he has.