The dominant force in market momentum last week was the Federal Open Market Committee Statement. The Federal Reserve’s voting committee opted to leave interest rates on hold and added no new monetary stimulus measures after announcing intentions to raise interest rates twice before the end of 2015 in the first steps towards monetary policy normalization. This raises the specter of an interest rate increase in September for the first time since 2006. Core inflation slipped slightly in the latest reading while the regular consumer price index managed to rise back to unchanged after printing in deflationary territory for three of the last four readings. Inflation in the United Kingdom and Euro Area is trending firmly in positive territory according to the latest releases with annualized UK CPI climbing back above the deflationary threshold to 0.10% and the core figure also improving. Euro Area number stayed constant in-line with expectations. Greece remained unwilling to compromise with creditors on VAT and pension reform leading to a stalemate and emergency meeting with the ECB regarding emergency lending assistance as banks witness accelerated capital outflows.