CPI Unchanged for April but down 0.7% for the year which brings up the debate of inflation vs. disinflation.  This  debate is going on around economic circles and within the Fed.  Ex. Food and energy the CPI was up a modest 0.3% near expectations with the Empire State Mfg Index down 4.55% in May vs. a much larger 14.65% for April.  Core CPI numbers were up a little more than core PPI showing signs that may indicate good news along with tightening credit spreads indicating that the wiliness of banks to lend to one and other is improving.