AUTHOR: TOWNE SCHERER.COM 08/03/2015: Towne Scherer Private Wealth Management BLOG: Oil spiked nearly 3% in New York following weeks of weakness after the Energy Information Administration reported a surprise drop in oil inventories by 4.3 million barrels in the week ending July 24, according to a report by Business Insider. In other timely news, Fortune reports that the Fed is “just six weeks away from higher interest rates.” Fortune quoted Jim Bianco of Bianco research as saying, “We do not believe the economy has changed enough since 2012 to warrant a completely different outlook from the Fed.” And, to add to this outlook, CNBC says, “While consensus for the first U.S. Federal Reserve rate rise is leaning towards September, a growing number of market watchers are suggesting that, before the year is out, two interest rate hikes rather than just one could be (in) the cards.” In other news, POLITICO reports that Senate Majority Leader Mitch McConnell made motions to defund Planned Parenthood (P.P.), following a series of disturbing videos showing P.P. representatives bargaining glibly over aborted baby’s body parts. Nevertheless, in the political arena FOX NEWS reports that House Speaker Boehner downplays the bid to oust him, Obama’s transparency record is under fire, calls for the IRS chief’s resignation grow while Linda Tripp says Hillary Clinton must never be president. And, in a final swing of the bat, Fox News reports that airplane debris from the missing Malaysian Air Flight MH370, which vanished in March 2014, may have been found on a remote French island, located in the Indian Ocean off the coast of Africa. Perhaps we now can discover the fate of the 239 people that disappeared on the flight over a year ago and find some solace in the end of this mystery. “Que sera, que sera,” as the French say.
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