Today's Headlines

Bloomberg:
- Freddie Mac(FRE), the world’s second-largest mortgage buyer, said the average US fixed mortgage rate in 2008 probably will tumble more than three-quarters of a percentage point to the lowest in at least 45 years.
- Irrational Pessimism Pummels US Bond Market.
- Crude oil is unch. on the day, giving up early gains, after OPEC said supplies were high and demand would slow further.
- MBIA(MBI) will restructure in a way that allows it to raise capital at a lower cost.
- Diebold(DBD) Rejects Acquisition Proposal From United Technologies.
- Hillary Clinton Blasts Obama Over Canadian Memo About Nafta Meeting.
- China’s CSI 300 Index May Fall 20% More as Gap Closes.

Wall Street Journal:
- Americans Start to Curb Their Thirst for Gasoline. In the past six weeks, the nation’s gasoline consumption has fallen by an average 1.1% from year-earlier levels. That is the most sustained drop in demand in at least 16 years.
- Walt Disney’s(DIS) ABC Television Network and other media companies expect stronger “upfront” ad sales this year as buyers purchase commercial spots earlier because later season prices are 40% higher than last year’s early rates.
- US Senator John McCain, who is close to gaining the Republican nomination for president, would cut the corporate income-tax rate to 25 from 35%. The US currently has the second highest corporate tax rate in the world.

NY Times:
- IEA, Europeans Pressure Iran Over Nuclear Projects.
- Schwarzman Donates $5 Million to NY Scholarship Fund.

CNBC:
- Ambac Financial Group(ABK) may opt for just one AAA ranking from a single ratings company.

Le Monde:
- International Monetary Fund Managing Director Dominique Strauss-Kahn said the euro is overvalued.

Bahrain Tribune:
- Bahrain plans to drill 700 new oil wells over the next 15 years, citing Bahrain’s oil minister.