Headlines discussed at LNWM’s Monday morning briefing:

— The Federal Reserve expects the U.S. economy to grow just over 2% in 2014, substantially less than the Fed had forecast previously; however, the Fed is continuing to trim its economic stimulus program.

— Forward-looking U.S. economic indicators rose for the fourth consecutive month in May.

— U.S. inflation (Consumer Price Index) jumped to an annualized rate of 2.1% in May, on higher food prices.

— Canada approved a major new pipeline to transport oil from Alberta to British Columbia for export to Asia.

— Russia announced plans to cut off gas supplies to Ukraine due to unpaid debts.

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