In comments preceding the FOMC Meeting Minutes, New York Fed Chair William Dudley delivered his remarks on the latest set of disappointing data. In his observations, he noted that that the March payrolls data should not be taken as a huge signal after considering the weather conditions. The sharpest reaction came from his judgment that the Federal Reserve’s course of action in raising rates will depend largely on the market response after liftoff. This confirmed the sentiment evident in the FOMC Meeting Minutes considering that many members are expecting a June hike at the very earliest, with many members pondering a delayed timetable that could see rates rise at the end of the year or possibly even in 2016. The broader market reaction was rather limited with gains limited to the Nasdaq Composite and the US dollar which has reversed from a substantial losing streak.