Yesterday, the Fed issued a statement according to which the interest rates in the country remain at 0-0.25%. Prior to the devaluation of the yuan in August, more than 80% of analysts expected a rate hike in September. It is worth noting that the majority of the members of the Federal Reserve expected the raise of interest rates before the end of the year. The main reason for pigeon rhetoric became low inflation in the US and risks associated with the crisis in China. Despite current growth, we expect a resumption of the downward price movement of the euro in the near future and maintain the medium-term negative outlook.