THE ECONOMY.(TO THE POINT)

Fed says no to new banking rules

Fed chief Alan Greenspan wrote to a House panel that he doesn't see a need for more fair-trade regulations for banks. New York's John LaFalce, the ranking Democrat, asked the Fed to detail how the FTC Act applies to banks -- especially with regard to credit card practices. Though banks don't fall under the FTC, its rules apply to them, Greenspan said.

U.S. nonfarm productivity for Q1 rose at a revised annual rate of 8.4%. It was first reported up 8.6%. Unit labor costs fell at a 5.2% annual rate.

The Univ. of Michigan consumer sentiment index for May came in at a final 96.9.

ECRI's lead index for the economy rose to 122.0 in the week ended May 24 from 121.8 a week before.

Canada's economy surges ahead

Its economy grew at a 6% annual rate in Q1. Economists credited Canada's booming housing market, improving exports and manufacturing, and slowing inventory depletion. But they also said the number will probably force the Bank of Canada to raise its key overnight rates.