Quick Overview

• The Fed cut its key lending rate by one-half percentage point to 3%,

• U.S. GDP rose 0.6% QoQ and 2.5% YoY, weaker than expected.
  

• Industrial output in Japan rose 1.4% in December.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil rose 3.6 million barrels to 293.0 million barrels.
  Supplies of gasoline rose 3.6 million barrels
  Supplies of heating oil supplies fell 200,000 barrels.
  Refinery use fell from 86.5% to 85.0% of capacity last week.
  Gasoline demand rose 1.4% YoY
  Distillate demand fell 0.4% YoY.
  
  

• Cocoa rose to a 4 1/2-year high on speculation that supplies from West Africa are drying up.