The Chicago Fed’s national activity index jumped to a positive 0.49 in April from a positive 0.07 in March. That’s the highest reading since March 2014. The index is a weighted average of 85 economic indicators, where zero represents trend growth and a three-month average below negative 0.70 means a recession has probably started.
Major oil producers will join members of the Organization of the Petroleum Exporting Countries in Vienna this week to discuss extending the six-month agreement to cut production by 1.8 million barrels a day set to expire in June. There analysts believe deal will be extended. The only questions are for how long and whether cuts will be deeper. Production cuts of more than 2 million barrels a day may be discussed because Saudi Arabia is impatient with the pace of rebalancing, which is happening slowly as U.S. producers have increased output. June crude is up 1% to $50.88 a barrel on the New York Merc.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
