Yesterday Federal Reserve announced the completion of the quantitative easing program, which was launched in September 2012 and is the third round of stimulating the economy by buying assets. Since the beginning of the financial crisis with the help of quantitative easing market got nearly 3.5 trillion dollars, which saved the world economy from a deep recession. It is worth noting that after the previous rounds of quantitative easing, the market is experiencing a significant correction, but according to our estimates, this time it will be less than the previous due to a strong performance of the US economy. Despite this, the interest rates of the Federal Reserve will remain at the same level of 0-0.25% for a considerable period. Today the course of trading will be affected by the US GDP data, that will drive the dynamics of the next few days. We maintain a medium-term negative outlook on the US stock market in relation to the problems of growth in Europe and China.