by Calculated Risk on 5/18/2014 10:01:00 PM

From Jon Hilsenrath at the WSJ: Fed's Rate-Change System Up for Revamp

In the past, the Fed changed its benchmark interest rate—the fed funds rate—by increasing or decreasing ... reserves. ...
...
Since the crisis, the Fed has paid banks interest on the reserves they deposit with the central bank at a rate of 0.25%. When it comes time to raise rates across the economy, the Fed will lift this rate rather than altering the fed funds rate by changing the supply of reserves.
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The Fed could shed light on the subject Wednesday when it releases minutes of an April meeting at which discussions of the issue intensified. And New York Fed President William Dudley may address the matter in a speech Tuesday.

Weekend:
• Schedule for Week of May 18th

From CNBC: Pre-Market Data and Bloomberg futures: the S&P futures are up 7and DOW futures are up 48 (fair value).

Oil prices were up over the last week with WTI futures at $102.05 per barrel and Brent at $109.85 per barrel.

Below is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are around $3.62 per gallon (might have peaked, and slightly below the level of a year ago).  If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by GasBuddy.com