Quick Overview

• Prices of imported goods rose 1% in June, following a drop in May that was the year’s only decline, the Labor Department said Wednesday.
  
  

• Trade deficit unexpectedly narrowed to $55.3 billion in May on record exports and a decline in oil prices.
  

• The Federal Reserve is likely to continue tightening monetary policy at a measured pace, but it depends on how the economy fares, the president of the Philadelphia Federal Reserve said on Wednesday.
  

• There is talk of more hot and dry weather ahead in the Midwest.
  

• The DoE said that crude oil supplies were down 3.9 million barrels last week to 324.9 million barrels. Unleaded gasoline supplies were down 2.7 million barrels and heating oil supplies were up 1.6 million barrels.
  

• The International Energy Agency said that China's oil consumption will grow 7% next year to 7.3 million barrels per day.
  

• The International Monetary Fund's board on Wednesday gave the go-ahead to start talks with Argentina on a new economic program, an IMF source said.
  

• Canada's exports were down 0.5% in May while imports were up 2.3%.
  

• Bovine tuberculosis has been discovered in a cattle herd on the border with Canada -- the first finding in Minnesota since 1971 -- and will lead to the destruction of about 900 animals, state officials said Wednesday.