Quick Overview

• In its latest minutes, the Fed cut its forecast for economic growth in 2008, and warned of higher inflation and unemployment, but also signaled it was unlikely to cut interest rates again soon.
  

• Ukraine has lifted all restrictions on exports of wheat and other grains.
  

• Israel’s Prime Minister Olmert urged the United States to impose a naval blockade on Iran.
  
  

• YoY Canada’s consumer prices rose 1.7% in April.
  

• The U.S. DOE said:
  Supplies of crude oil fell 5.4 million barrels to 320.4 million barrels
  Supplies of gasoline fell 800,000 barrels
  Supplies of heating oil rose 400,000 barrels.
  Refinery use increased from 86.6% to 87.9% of capacity.
  Gasoline demand fell 0.4% YoY
  Distillate demand rose 0.7% YoY.