Quick Overview

• Republicans are pushing legislation that would dramatically expand offshore drilling before mandating new safety requirements.

• The ECB raised the benchmark rate by a quarter percentage point to 1.25%.

• The surge of hot money that has vexed many emerging markets may slow dramatically once the U.S. Federal Reserve begins raising interest rates, the International Monetary Fund said.

• The U.S. appears to have an off-balance-sheet, unrecorded debt burden of close to 500% of GDP! We are out-Greeking the Greeks -- Bill Gross, PIMCO.

• U.S. jobless apps fell 10,000 to 382,000.

• Costco (CSCO) sales rose 13% in March.

• Disputes over abortion and environmental issues pose late hurdles to a  budget agreement.

• The expanding dry conditions in the Southern United States are causing pastures to deteriorate and dimming prospects for a wheat crop. According to some experts, sufficient precipitation could salvage the wheat crop. However, others think that it is already too late and that the crop is in too poor a condition for even that prospect.

• More than 25% of Japan's domestic pork, 18% of its beef and 22% of its poultry production comes from areas affected by the earthquake, tsunami or radiation from the Fukushima nuclear plant.