Quick Overview

• As expected the Fed raised the fed funds rate to 5 percent and suggested they may not be finished with the nearly two-year run of increases.
  

• The U.S. Treasury Department ruled on Wednesday that China was not a currency manipulator but pledged to "actively and frankly" push Beijing toward faster exchange-rate flexibility that would let its yuan rise in value.
  

• Japan's official reserve assets April, out at $860.2B vs. $852.0B expected.
  

• Japans index of "leading" indicators was down 0.2% in March to 101.6.
  

• The World Bank increased its growth estimate for China's economy this year from 9.2% to 9.5%.
  
  

• There are rumors in the market that China could quadruple its gold reserves to around 2,500 tons from 600 tons currently.
  
  

• There was talks in the market of Iran would raise EUR reserves.
  

• Bloomberg news reported the main shaft at Barrick Gold's Deep South mine in South Africa was damaged and may take up to a year to repair. Last year, the mine produced 469,000 ounces of gold, but that may now be cut in half.
  

• Grupo Mexico closed its San Martin copper mine due to an unresolved strike.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil supplies were up 300,000 barrels at 347.0 million barrels.
  Supplies of unleaded gasoline were up 2.4 million barrels
  Supplies of heating oil were up 400,000 barrels.
  

• Canada's wheat stocks totaled 18.8 million tons on March 1st, up 22% from a year ago.
  

• Canada’s canola stocks totaled 5.1 million tons, up 36% from a year ago.
  
  

• Divisions emerged on Capitol Hill on Wednesday over whether the U.S. should suspend or lower fuel ethanol import tariffs in the face of high gasoline pump prices.