Quick Overview

• QoQ U.S. GDP was up 2.2%, and up 3.0% YoY. Nominal GDP was up 6.0% YoY.
  

• Federal Reserve Chairman Bernanke said he expects moderate economic growth with lower inflation. The one risk of higher inflation, he warned, might come from tight labor supplies.
  

• The Federal Reserve's Beige Book said that most districts reported "continued moderate growth since the last report" and increased consumer spending.
  

• U.S. New home sales were at an annual rate of 1.004 million units in October, down 3.2% from September's pace and less than expected. YoY new home sales are down 18%.
  

• Brazil's central bank lowered its benchmark lending rate to 13.25% from 13.75%
  

• Japan's industrial production increased 1.6% in October, more than expected and a new record high.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 300,000 barrels to 340.8 million barrels.
  Supplies of unleaded gasoline were down 600,000 barrels
  Supplies of heating oil were down 1.1 million barrels.