Remember last week when the director of the Brazil National Petroleum Agency Haroldo Lima told the world that the Carioca oil field, “Could be the world’s biggest oil discovery in thirty years?” Let’s unpack the word “could.” It “could” be the world’s biggest oil field that will never enter into production.

Is the U.S. Fed done cutting rates? The commodities market seems to think so. Gold, platinum, palladium and silver all fell by the end of New York trading. Even oil was off its all-time highs though still above US$115.