Congress managed to pass a bill limiting the ability of the government to monitor phone calls, scaling back the law implemented after the 9/11 attacks in the U.S. Hope is fading for the more than 400 people who remain unaccounted for in the Yangtze River boating accident. In China, stocks ended lower and U.S. futures climbed higher ahead of the ADP jobs report, the prelude to the government report on Friday. And finally some good news for the parents of high school students: Khan Academy is offering free test preps for college standardized tests, Wired reports.
OPEC to keep pumps primed. The Gulf state oil countries will not trim its production a rep told Reuters in an interview. At $65/barrel, oil is now $20 above its January low. OPEC meets on Friday. Reuters
ICAP may install “circuit breakers” for volatile Treasurys. The brokerage is studying the idea in the face of unexpectedly large price swings in the $12.5 trillion U.S. government bond market. If implemented, it would be a first for Treasurys. About 60% of trading between banks and high-speed trading firms goes through London-based ICAP. Wall Street Journal (paywall)
OECD lowers world growth outlook to 3.1% from 3.7%. In its semi-annual report, the Organization for Economic Cooperation and Development blamed slowing investment and the possibility of a default in Greece. Bloomberg
Andrew Jennings, 71, has been waiting nearly 10 years for this FIFA moment. The investigative journalist has written two books and a BBC expose on the scandal-ridden soccer organization. He was asleep in his UK home when Swiss authorities began arresting executives in Zurich. Washington Post
IRS to tighten tax system security. IRS Commissioner John Koskinen said the agency is set to disclose an agreement that will provide “short-term solutions to help better protect personal information in the coming tax filing season, and to continue to work on longer-term efforts to protect the integrity of the nation’s tax system.” The Wall Street Journal (paywall)
Jamie Dimon joins the billionaire’s club. With the rise in JPMorgan stocks to near record levels, its CEO’s networth is estimated at $1.1 billion. His fortune comes mainly from his $485 million stake in the U.S. bank. Dimon’s status is unusual because few top bank executives were able to accumulate that much wealth. Bloomberg