White House says no plans for strategic petroleum reserve releases beyond 6-month period

White House economic adviser Deese.

Listening to Deese is like taking advice on the economy from a trashy tabloid. Get this:

• In consumer categories, spending is holding up but composition is changing, less spending on services
• A number of companies in the economy may have over ordered on inventory
• Enacting deficit reduction at this time would be complementary to what the Fed is trying to do

Nothing of insight here. And he hasn't acknowledged that services make up around two-thirds of the economy, less spending depending here is a worry indeed.

ADDED - A correction has been issued - says more spending on services and less on goods. Which fl;ips the message 180 degrees! Oh dear.

inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term

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On Oil:

• Says there are no plans to continue with strategic petroleum reserve releases beyond the originally scheduled 6-month period.