Statistics on retail sales in the US, which was published yesterday, strengthened investor confidence in the Fed leaving interest rates next week. Thus, retail sales fell by 0.3%, which is 0.2% worse than the forecast. At the same time, retail sales excluding autos sales fell by 0.1%, against expected growth of 0.3%. In the coming week the volatility on the stock market will be increased due to the expectation of the Fed's statement on September 21 in which will possibly hint at raising the Fed’s interest rates before the end of the year, but we do not expect a tightening of monetary policy at the next meeting of the Fed. Our medium-term outlook for the US stock market remains negative and we are waiting for a decline in the coming months.