Today in the center of attention there is a Federal Reserve System of the USA. In the end of the American trading session FOMC will announce its decision on federal funds rates and will also evaluate economic situation in the country.

Federal Reserve keeps the rate at one level - at a level of 5,25 %, at today's meeting FRS will hardly change this policy, the majority of analysts believe that today committee members will confirm the rate of 5,25 %  the 9 time in a row.

At a recent briefing in Washington Ben Bernanke declared that such situation is convenient for FRS and that the level of interest rates corresponds economic condition, which develops in the country.

He also noted that sharp recession in the market of the real estate lasts longer than it was assumed by FRS, however in other branches the economy develops quite forward, that is in line with requirements of the Federal Reserve.

A year ago FRS suspended the period of increase in refinancing rates which purpose was to slow down economy after strong rise in the beginning of the first decade of 21 century and to limit inflationary growth.

FRS achieved this purpose - the economy was slowed down - growth of gross domestic product in the beginning of last year showed the lowest rates for last 4 years. However growth of inflation was also slowed down, for last 12 months retail and wholesale price inflationary indexes demonstrated growth only by 2 % and almost reached a target level of FRS comfort on inflation.

Analysts assume that at this meeting the Federal Reserve will estimate an inflationary background as raised and admit the fact that the inflationary background changed for the better since FOMC last meeting on May, 9th. But even if they will admit it analysts believe that committee members will emphasize that inflation is now the biggest threat for the US economy.

Till recently the financial markets hoped that FRS will reduce rates more to the end of year, however these hopes were dispelled when the Federal Reserve announced that there were signs of economic restoration and displaced key points in monetary policy aside inflationary risks.

The senior economist at the Washington Group of Research Schwab Liol Gramley declared that while the situation in the market of the real estate will not reach such level when it threatens economy the Federal Reserve will keep rates.

Thus, today the market does not expect anything unusual from FRS - rates will remain at a former level. It also will not clear up anything for foreign exchange - as differential of rates between ECB and FRS remains constant, sideways will most likely proceed. Therefore today we remain outside the market.