Risk from China

Federal Reserve officials signaled they are moving closer to when they can start cutting massive support for the U.S. economy, but Chair Jerome Powell said there was still some way to go. “We see ourselves as having some ground to cover to get there,” he said. The Fed held interest rates in a range near zero and will maintain asset purchases at $120 billion a month until “substantial further progress” is made on employment and inflation. Here’s your markets wrap. —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide.

Increasing credit stress in China stemming from the government’s industry crackdowns could spread to U.S. investors’ credit portfolios. Bank of America warned that credit distress in China is the most significant risk to global credit markets right now.

China’s securities regulator met with executives of major investment banks on Wednesday night, attempting to ease market fears about Beijing’s crackdown on the private education industry. The hastily arranged call, which included attendees from several major international banks, was led by China Securities Regulatory Commission Vice Chairman Fang Xinghai.

India’s economy showed signs of cooling in June as the slow easing of Covid-19 lockdowns hurt manufacturing and services sectors, which make up two-thirds of the nation’s gross domestic product. As a result, monetary policy makers meeting next week may keep interest rates at record lows.

Australia’s central bank is likely to delay its planned taper of bond buying just four weeks after announcing it, as prolonged lockdowns triggered by the delta variant may shift the nation’s economy into reverse.

Despite a surplus of Covid-19 vaccines, only about half of Americans are fully vaccinated. Some of those who chose not to get a shot are now paying a high price. The victims are younger and getting sicker at a much faster pace than in previous waves. Said one Missouri doctor: “I don’t remember anyone declining within 24 hours, until now.” Another clear sign of America’s fifth infection wave? Internet searches for “loss of taste” and “loss of smell,” common symptoms of Covid-19, are on the rise again. Though it seems some may have finally gotten the memo.

One of the worst hit states is Florida, whose Republican Governor Ron DeSantis has been a vocal opponent of most coronavirus precautions. Hospital admissions records just broke records for the entire pandemic. Norway now leads a pack of European nations that have leaped ahead in Bloomberg’s Covid Resilience Ranking, leaving America behind. Some 406 people in the U.S. were confirmed to have died Tuesday from Covid-19, though the actual number is likely higher. Here is the latest on the pandemic.

Brooklyn Nets star Kyrie Irving had some strong criticism for the latest version of his own shoe line with Nike. “I have nothing to do with the design or marketing of the upcoming Kyrie 8,” Irving wrote through his verified Instagram account. “These are trash!

Throngs of Americans are eager to get hitched quick. Whether the rush is out of frustration with all the waiting or fear that variants will trigger new lockdowns, many are choosing to get married in a matter of months—or even days. As you could guess, the price of everything has shot through the roof. Don’t have $1,300 to guarantee your gown for an August date? Settle for less or enjoy a winter wedding.

Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.

Wake up with the biggest stories in global politics: Balance of Power, which arrives in your inbox every morning, breaks down the latest political news, analysis, charts and dispatches from Bloomberg reporters all over the world. Sign up here