Need to know…

• Canada Invited to Trans-Pacific Trade Talks. Canada yesterday was invited to join the Trans-Pacific Partnership talks. Prime Minister Harper and President Obama said in a joint statement that the two countries shared the goal of “expeditiously” reaching a “high standard agreement that will build on the commitments of NAFTA.

• House Panel Votes on CFTC Funding Cut. On a party-line vote, the House Appropriations Committee voted for a 12% cut in funding for the Commodity Futures Trading Commission to $180 million from $205 million, moving a step closer to a showdown with the Senate, where a large increase is proposed, putting funding at $308 million.

• All Eyes on Today’s Fed Statement. When the Federal Open Market Committee releases its statement this afternoon, traders will be watching even more closely than usual. Even if the Fed opts for no new policy moves, new economic projections from Fed officials are expected, paired with a press conference from Fed Chairman Ben Bernanke.

• No States Earn ‘A’ Grade on Education Report Card. U.S. Chamber affiliate, The Institute for a Competitive Workforce, released the third edition of its Leaders & Laggards series yesterday, “A State-by-State Report Card on Public Postsecondary Education.” No state earned an ‘A’ grade in even a majority of categories, while transparency and accountability proved to be the area of greatest weakness overall. 

• Stakes are High for Next Week’s EU Summit. Markets did not expect much from the G20 so the nothing statement released after the market closed was not a big deal. The stakes will be much higher for the EU summit next Thursday and Friday. If no concrete plans emerge for greater euro zone integration and specific steps, markets will be much less forgiving. Meanwhile, German Chancellor Angela Merkel seems no closer to agreeing to ease austerity requirements or take on more risk. Without Merkel, nothing happens.

Worth the read…

• Trade With Russia Is a Win-Win – Hillary Clinton via The Wall Street Journal
• Alternative Businesses: How to Get Cash – Inc.
• Generation Z Worries About Paying for College, Getting a Job – USA Today
• Whitney: ‘Ghost Towns’ Created By Not Lending Local – Businessweek
• Supreme Court Says Drug Company Representatives Are ‘Salesmen’ – The Washington Post
• Oil Firms in China and India Pull Closer – The Wall Street Journal
• Mid-Sized Businesses Suffer a Social Media Gap – Inc.
• Thinking Small Earns AmEx Big Honors at Cannes Ad Fest – USA Today
• Want Top Stocks? Bet on Brand Names – Fortune
• Tablets Taking Over at Work – And at Home – Small Business Labs