Quick Overview

• Bernanke told the Senate the economy should grow modestly this year and he expects inflation will continue to ease.
  

• Gross domestic product in Japan expanded 4.8 % YoY, more than expected.

• MoM U.S. retail sales were unchanged in January -- up 2.3% YoY.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 600,000 barrels at 323.9 million barrels.
  Supplies of gasoline were down 2.0 million barrels
  Supplies of heating oil were down 2.7 million barrels.
  Gasoline demand was up 3.6% YoY
  Distillates demand was up 7.0% YoY.
  

• The Chicago Mercantile Exchange is launching contracts that will allow insurers and others to hedge risk against hurricane damage.