“Commodity takes the stairs up and the elevator down” — anonymous

1. President Obama announced that the United States has killed Osama bin Laden, the leader of al Qaeda.
2. India steps up rate-hike pace to curb inflation — The Reserve Bank of India on Tuesday hiked interest rates by a larger-than-expected 50 basis points, saying that containing inflation has become more important than short-term growth.
3. Australia keeps interest rates on hold — The Reserve Bank of Australia Tuesday kept its key cash rate on hold 4.75%, a level it has been at since November.
4. U.S. gets three more weeks to avoid default — the Treasury will begin to take ‘extraordinary measures’ on Friday that, along with better-than-expected tax revenues, will extend by three weeks the date at which the U.S. will hit its $14.29T debt ceiling.
5. Portugal secures €78B bailout — Portugal has reached a deal with the EU and IMF for a €78B ($116B) three-year bailout that sets a target of reducing the budget deficit to 3% of GDP by 2013 from 9.1% last year.

The week ahead — Economic data from Econoday.com:

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