Come on, do you really believe the Fed is going to raise rates now, or in the near future with the economy teetering on the edge of a deep dark recession? Not a snowball’s chance in you know where! So, that leaves us with jawboning.

Italian elections have traditionally been confusing, with one weak center-left coalition government replacing another. But the election held on April 13-14 was unusual for Italy, as it produced a clear result.

I don’t think the ECB is going to go forward with a rate cut in May, or anytime soon for that matter! Recall, that a couple of weeks ago, I pulled the May rate cut forecast because of this nagging inflation, and now it’s gone higher!

In the energy market Monday, crude for May delivery advanced, closing at $111.76/barrel, up $1.62 from Friday. May reformulated gasoline gained 1.45 cents, to $2.8218/gallon.