18.09.2014 - The Fed statement did not improve the mood of investors in the United States

Yesterday was the speech of the Fed Chairman, Janet Yellen, in which she announced the decision of the Open Market Committee of the US Federal Reserve on monetary policy on the future of the country. Thus, interest rates have remained at the same level of 0-0.25%, but was announced strategy of monetary tightening tools which will be the increase of the repo rates and the percentage for the placement of funds on the accounts of the Federal Reserve. Quantitative easing program will be completed in October. The Fed expects that the unemployment rate will be 5.9-6.0% by the end of 2014. At the same time, the inflation target of 2.0% is projected by the Fed to be achieved after 2016. Raising interest rates will depend on the macroeconomic indicators the United States. Among the risks for the development of economy of the USA, was named the low growth in Europe.

The absence of new incentives for the American economy amid weakness in Europe does not contribute the further growth of the American stock market the United States. We maintain a medium-term negative outlook for the American indexes.

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