In remarks on Friday, Federal Reserve Chairwoman Janet Yellen highlighted the rate outlook in comments focused on the state of the US economy. While the Federal Reserve is monitoring certain metrics like employment, prices, and GDP, many of these indicators are not trending at the conditions sought for interest rate normalization. Yellen was very dismissive of first quarter GDP figures, noting the factors subduing growth were likely transitory. The second reading of first quarter GDP due later in the week is expected to show a substantial contraction from the prior figure with economists estimating -0.80% contraction versus the prior number which displayed 0.20% expansion. Core consumer prices rose at the fastest pace in years just as annualized CPI fell into negative territory, highlighting the headwinds to hiking rates. Equities retreated slightly on the comments while the dollar momentum higher continued on expectations of more hawkish monetary policies.