Fed is gloomy, times look difficult.

The Fed minutes came out yesterday and they were not pretty. The Fed made it clear that there were no more rate cuts on the horizon and that Inflation is going to be a problem.

Federal Reserve officials acknowledge they are fighting a difficult, two-front war against slow economic growth and high inflation fed by soaring commodity prices.

In the minutes of the central bank's April 29-30 policy meeting, Fed officials provided a more downbeat view of the economy than in their latest forecast, in January. Their reduced expectations reflect the continuing housing downturn and credit crunch, as well as rising prices for food and energy.

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Also Crude made record highs. Really a bad situation for the economy in general. The future does not look pretty.

Good Luck and Good Currency Trading