Quick Overview

• Bernanke:
  Agrees some rate hikes may be needed.
  Inverted yield curve doesn't signal slowdown.
  Concerned about path of budget deficits.
  Economy less dependent on energy than in the past.
  Is in favor of using numeric inflation targets to improve the clarity and transparency of monetary policy.
  
  

• U.S. Industrial output fell 0.2 percent in January as warm weather slashed energy production at utilities by 10%.
  

• The New York Federal Reserve's index of regional manufacturing increased from 20.12 to 20.31 in February.
  
  
  

• Overall air cargo shipments rose 1.3% in December from a year earlier, but domestic shipments dipped, the Air Transport Association reported.
  
  

• The U.K.'s unemployment rate for October to December increased to 5.1% from 4.7%.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were up 4.9 million barrels last week to 325.6 million barrels.
  Supplies of unleaded gasoline were up 2.2 million barrels
  Supplies of heating oil were down 700,000 barrels
  
  

• The Green Coffee Association said that U.S. coffee stocks were 4.95 million bags – up 282,693 bags.