The Big News of the Week came out of the central banks.

The US got it started on Wednesday with the release of the FOMC, the Federal Open Market

Committee's Minutes.

And basically the main takeaway from these minutes is that the primary concern, that

Janet Yellen has and the Federal Reserve in general is that inflation in the United

States is too low.

Prices are not rising fast enough for the Fed.

That is their primary concern.

Now they didn't express a policy to deal with that concern.

They just put it out there because they're still operating under the pretense that QE is

ending on schedule or has ended and interest rates are going to begin to rise.

At some point, depending on the economic data, not based on a particular time period,

but when the Fed feels the data is strong enough, they'll raise rates.

Although we don't have any concrete numbers, I mean it's just based on, they'll know.

Kind of like the definition of pornography, we know it when we see it.

They can't really tell us what data would prompt them to raise rates, but apparently,

they'll know it when they see it, but they can't communicate that to us.

But nonetheless, they are concerned about the low level of inflation.

And I believe that they are laying the foundation for either the delay in the rate hikes or the

launching of QE4, which I believe is inevitable anyway, but I do believe the pretense for QE4

is going to be that there's not enough inflation.

Although it certainly could also be that the economy is weaker than they thought, although

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