Odaily Planet Daily reported that the Federal Reserve released the minutes of its July meeting, which mentioned that the staff had conducted an updated assessment of the stability of the U.S. financial system and, in general, still described the financial vulnerabilities of the system as "significant." The staff judged that asset valuation pressures were at a high level. In the stock market, the price-to-earnings ratio was at the upper end of its historical distribution; the spread of high-yield corporate bonds narrowed significantly and was at a low level relative to its historical distribution. Housing valuations declined slightly but remained at a high level. Vulnerabilities related to non-financial corporate and household debt were described as "moderate." The ratio of household debt to GDP was at its lowest level in the past 20 years, and household balance sheets remained sound. The debt-paying capacity of listed companies remained strong. As for private enterprises, debt was growing rapidly, and the interest coverage ratios of these enterprises fell to the lower range of their historical distribution, suggesting that vulnerabilities in this area may be increasing. (Jinshi)