The notes out of the Fed gave no indication of rate cuts. Too much worry about inflation.

After a report showing that supplies have dropped, oil traded north of $132.00 per barrel today. Maybe T. Boone Pickens' call for $150 oil was intended to be by the end of the month rather than the end of the year. The minutes from the last FOMC meeting may say it all: increased inflation expectations, increased unemployment expectations, lowered GDP expectations. But no recession, at least not officially while the Fed describes the environment of stagflation. Below are the unofficial closing US index levels:

AMR Corp. (NYSE: AMR) saw shares fall a sharp 25% after the company announced at its annual shareholder meeting that it was going to slash 11% or 12% from its flight capacity. To make bad matters worse, Soleil issued an untimely downgrade of the sector today.

Central Garden & Pet Co. (NASDAQ: CENT) saw a sharp rise of after Piper Jaffray raised its rating on the stock this morning.

Moody's Corp. (NYSE: MCO) saw a sharp drop of after the company said that programming and computer issues caused certain derivatives to receive higher ratings that should have been given out. It must be buying PCs from the U.S. Labor Department.

Time Warner Inc. (NYSE: TWX) saw shares rise by after Jeff Bewkes announced the plan for the cable separation from the media conglomerate.

Regeneron Pharmaceuticals (NASDAQ: REGN) had a really bad day with shares dropping over 13% after the company announced that its trials for ovarian cancer failed to meet primary endpoints.

Douglas A. McIntyre is an editor at 247wallst.com.