Open Market Committee of the US Federal Reserve decided that increases key interest rate by 25 basis points to 0.5-0.75 percent, as expected. At the same time Fed signaled faster than previously announced a series of rate hikes in 2017. The bank said that policymakers now expect three rate hikes of 25 basis points in 2017, while in September two only was expected.

All this affected the sell-off of stocks (the S&P500 fell by 0.8%, the Nasdaq lost 0.5%), strengthening of the dollar and rise of the US bond yields. At the same time dropped the price of oil and gold.

From the point of view of the Warsaw Stock Exchange we may expect initial negative reaction. Proposed by Fed policy change global risk aversion, and this will adversely affect the perception of emerging markets.

In the macro calendar will be announced today a lot of data; the weekly data from the US labor market (14.30 Warsaw time) reading of PMI for the services sector and industry, among others from France (9.00), Germany (9.30), Euroland (10.00) and the USA (15.45; only for the industry).