The FOMC Meeting Minutes were the most widely watched piece of economic news last week aside from the speech by Federal Reserve Chair Janet Yellen. Although there is no clear timeline for rate increases to be realized, there is strong conviction on the part of Fed members that 2015 will be the year of increase. In her remarks, Yellen mentioned that the “soft first quarter... largely [the] result of transitory factors” and “we are not there yet on [the] Fed’s employment goals.” The dollar rebounded moderately after several weeks of decline, helped by the weakness in the Euro. Despite the Euro common currency narrowly averting deflation, manufacturing in core nation Germany continues to decelerate as evidenced by the latest PMI. The UK was not so fortunate when it came to inflation, with annualized CPI slipping into deflationary territory alongside the comparable US measure. Other important data points included the massive -6.10% contraction in Chinese home prices year over year as the HSBC Manufacturing PMI remained in contractionary territory. One bright spot was annualized Japanese GDP which expanded at a 2.40% pace according to preliminary figures versus expectations of 1.10%.