The meeting of the Federal Reserve System ended with very specific signals from Chairman Jerome Powell about the curtailment of incentives, which will be officially announced at the November meeting. The so-called «tapering» (a gradual slowdown in the pace of large-scale purchases of Fed assets) starts in December and will be completed in 2022. The decision on the rate coincided with the expectations of market participants: the regulator kept the federal funds rate in the range from 0% to 0.25% per annum. It is worth noting that investors are beginning to worry more and more about when the regulator will start raising rates. Most of the members of the Open Market Committee expect the first hike in 2022. In addition, forecasts for US GDP for the current year were adjusted downward - to 5.9% against 7% in June. The inflation rate for the year was increased from 4.5% to 4.8%. The US market reacted positively to the results of the Fed meeting and Powell's press conference. Major US stock indexes continued to rise, the dollar also demonstrated strengthening on Thursday.
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