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ONDON (Reuters) - Greeces struggles with its euro zone creditors may have grabbed much of the world attention but U.S. Federal Reserve Chair Janet Yellen is likely to reclaim the spotlight this week with testimony on a long-anticipated shift in policy. If the Fed sticks to mid-year for its first interest rate rise in a decade it will be perceived as a reflection of the world economys growing resilience. U.S. core CPI inflation data due next week will also give some idea of just how much the collapse in oil prices which has tamped down inflation globally will work as a counterweight to the Feds apparent comfort so far with higher rates in June. But the fretting over Greece which makes up less than half of one percent of world GDP has underscored the impression that for all of the piles of monetary stimulus over the past few years, much of the troubles remain the same. While purchasing managers data for the euro zone in February are pointing in the right direction Europe is still struggling to create meaningful growth that would generate the kind of strong hiring that might in turn push up wage inflation. China is grappling with a property market and debt overhang as it tries to rebalance its slowing economy and a purchasing managers index due on Wednesday is expected to show persistent stagnation in its once-booming manufacturing industry. Much of Latin America particularly Brazil has slipped back even further from a past position of strength and has very little to offer a world economy that the World Bank warns is now running on one engine made in America. Minutes to the Feds latest policy-setting meeting suggested to some analysts that policymakers might be backing off a June rate rise. But the strongest set of jobs data in many years were published after that late January Fed meeting took place. If unemployment keeps falling the laws of supply and demand have not been repealed we will get inflation out of this said Jim OSullivan chief U.S. economist at High Frequency Economics in Valhalla New York. In terms of going to the next step does that mean they are tightening in June? Not necessarily he said. OSullivan expects Yellen to sound optimistic on the full employment part of the Feds dual mandate when she delivers her twice-annual testimony to Congress on monetary policy starting with the Senate Banking Committee on Tuesday. The majority of forecasters still expect June for lift-off on U.S. rates and the latest Reuters poll suggested that about two-thirds of them had held to the same conviction over the timing over the course of the past month. What has not been working in the Feds favor is evidence that inflation is picking up. Core inflation which strips out food and energy prices is expected to hold steady at 1.6 percent when data are due Thursday according to a Reuters poll. With a few notable exceptions like Brazil inflation has been far too low for comfort and continues to fall triggering surprise central bank monetary easings from Canada to Sweden to Australia to Indonesia over the past several weeks. To many that makes the Feds continued focus on soon doing the opposite seem out of step. But perhaps not for long. The outlook for some large emerging market economies such as Brazil Mexico and Russia has deteriorated but the meaningful tailwinds of lower energy prices and global policy easing are likely to persist wrote Gustavo Reis global economist at BofA-ML. Much will depend on whether the euro zone where some signs of economic revival have drawn stock markets to multi-year peaks can sail through the latest bout of wrangling over its future without too much damage. The European Central Banks bond purchase program announced at its January meeting worth 60 billion euros ($68 billion) a month will begin in March many years behind its peers. But it may have arrived at a particularly good time. Any risk of investor flight over the outcome of heated negotiations over Greeces debt burden and the future of the euro now will at least have one of the worlds largest central banks acting as a backstop scooping up sovereign debt. And the economic news is not all bad. The German Ifo business climate index, due at the start of the week, is expected to rise for a fourth straight month in February. German gross domestic product (GDP) is also expected to be confirmed as growing a solid 0.7 percent quarter-on-quarter in the final months of last year. Europe biggest economy is clearly entering 2015 with more momentum than we and the consensus had expected wrote analysts at Morgan Stanley who expect first quarter growth of 0.5 percent. The London subway is not the most elegant of places. It reeks of malodor. It is dripping with secondary moisture. And then there is the difficulty of shoving far too many people into a confined space and hoping that in some very British way they will all get on. One man got on the subway train last Monday morning and was not in the mood for politeness or pleasantries. As another man stood in his way he shoved him and so that there was no doubt as to his intent told him to Go yourself. This is morning talk for Oh do please get out of the way. Perhaps the curser thought nothing more of it. He went about his day. He even had a job interview later in the afternoon. He walked in and within seconds began to curse himself. For his interviewer turned out to be the very man he had cursed at on the subway. Being a Python developer and therefore a man of some rational bent he might have attempted to work out the chances of such a serendipitous event.