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Among the allowances, state policy banks were given an additional 300 billion yuan ($44 billion) focused mainly on financing infrastructure projects. Tight rules were announced alongside the measures that require the projects to be profit-making and targeted.

Local governments were given the green light to use more than 500 billion yuan ($73 billion) of existing special bond quotas and were promised reduced financing costs through interest-rate changes.

Amid an energy crisis sparked by severe droughts and heat waves, the cabinet said central-government-run electricity firms will be allowed to sell 200 billion yuan ($29 billion) in special debt to ensure adequate energy supply.

The increase is the 10th straight interest-rate hike since last March in what has been the most aggressive rate-hiking regime since the 1980s.

Nonfarm payrolls increased 253,000 for April, beating Wall Street estimates for growth of 180,000.

The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969.

Average hourly earnings rose 0.5% for the month and increased 4.4% from a year ago, both higher than expected.

The U.S. could fail to meet its debt obligations sooner than expected, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy.

Yellen said a drop in tax receipts meant the U.S. could hit its debt ceiling as soon as June 1, earlier than Wall Street and Washington had estimated.

This date is earlier than Wall Street economists were expecting. Goldman Sachs’ latest estimate this week put the deadline at some point in late July, though the bank’s economists acknowledged that weaker-than-expected tax receipts could advance that timeline.