PANews reported on August 21 that the Federal Reserve released the minutes of its July meeting, which stated that staff conducted an updated assessment of the stability of the U.S. financial system and, overall, continued to characterize financial vulnerabilities as "significant." Staff judged that asset valuation pressures remained elevated. In the equity market, price-to-earnings ratios were at the upper end of their historical distribution; high-yield corporate bond spreads narrowed significantly and were at the low end relative to their historical distribution. Housing valuations declined slightly but remained elevated. Vulnerabilities associated with non-financial corporate and household debt were described as "modest." Household debt-to-GDP ratios were at their lowest level in 20 years, and household balance sheets remained strong. Publicly listed companies' debt-serving capacity remained strong. Private sector debt grew rapidly, while interest coverage ratios for these companies fell to the lower end of their historical distribution, suggesting that vulnerabilities in this sector may be increasing.