The global economy continues to face an imminent downturn as evidenced by slowing expansion across the globe. GDP expansion in the UK continued to decelerate with annualized growth reduced to 2.40% versus 3.00% in the prior period. The United States saw the comparable quarterly measure fall to 0.20% for the first quarter after initial estimates saw the measure expanding by 3.00%. Even amid the weakness in the underlying fundamentals, the Federal Reserve pressed forward with its preparations for higher interest rates, removing the calendar guidance language from the FOMC Statement. Although a June rate hike is largely out of the question, there is substantial probability of an increase in the second half of the year. The Bank of Japan and Reserve Bank of New Zeaccland also left monetary policies unchanged, but maintained the more dovish outlook as risks to growth and inflation mount. Euro Area fundamentals continue to improve with annualized consumer prices rising back to flat for the first time since December as key metrics recover. Loan creation advanced for the first time in three years, but unemployment woes remain despite the efforts of the ECB to revitalize growth and development.