Brazil’s Senate suspended the country’s president Dilma Rousseff overnight. Now, an impeachment trial will begin against her. She is being accussed of borrowing from state banks to conceal a looming national deficit to ensure her reelection. Economists say the country’s financial woes are due to corruption, scandals, and flawed policies not just falling prices for commodities. Oil is closing in on $50 a barrel. The move higher comes after a top energy monitor said that the global market is near balance. The International Energy Agency says the second half of the year will see the supply glut ease. Instagram changed its logo and the internet went nuts. The company killed the vintage camera icon and embraced vibrant colors and a minimalist design. The change got mostly negative feedback about the change. Kansas City Fed President Esther George speaks about the economy today. Weekly jobless claims are released. April import prices are also reported.
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