Quick Overview

• Fed Chairman Bernanke said he saw inflation excluding food and energy moderating in coming quarters. The Fed is now forecasting inflation for 2007 at 2.0-2.25% up from its earlier forecast of 1.75%-2.0%.
  
  

• U.S. Consumer prices increased a moderate 0.2% in June, the smallest gain in four months, but core inflation rose by 0.3% for a fourth straight month.
  
  

• New housing starts fell 5.3% in June, the Commerce Department said.
  
  

• Polands industrial production rose by 13.8 pct YoY in June.
  
  

• The Japanese government in its July report today dropped its mention of "deflation" and instead said that consumer prices have been rising and "price trends warrant a close watch”.
  
  

• Canada's composite index of leading indicators was up 0.2% in June.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were up 200,000 barrels to 335.5 million barrels.
  Supplies of unleaded gasoline were up 1.5 million barrels
  Supplies of heating oil were up 2.4 million barrels.
  The Department of Energy said YoY in the last four weeks gasoline demand was up 1.9% and distillate demand was up 4.8%.
  

• The U.K. is considering adopting carbon dioxide emission allocations for individuals who could use or trade their allowances with a CO2 credit card, the Environment Secretary said.