The highlight of Wednesday for the markets was the decision of the US Federal Reserve. The Fed decided to leave the main federal funds rate unchanged at 0.25-0.50 percent. After the Fed's decision the US indices recorded gains. Earlier, the market received a positive morning decision of the BoJ to continue easing of monetary policy. The image of the US economy after the FOMC conference is not necessarily beneficial. It is true that the rate hike was avoided, what part of the market had feared, however, the downward projections for this year for the US economy have been adjusted, so the unemployment rate up, while inflation and GDP down.

From the point of view of equity markets this picture is not so optimistic. Equity markets in the long run more likely to reflect the condition of the real economy, rather than interest rates.

Today's session will be a response to a message sent last night by the Federal Open Market Committee. In the morning, Asian stock markets react positively, but excluding Japan, where the stock market is not working because of the holidays.

On the Warsaw market we must pay attention to the deduction of dividends on shares of PGE (PLN 0.25 per share). This will reduce the WIG20 index by approx. 0.12%. We recommend also to be focused on the behavior of Alior (WSE: ALR) and PKO BP (WSE: PKO). The first announced for exclusive negotiations with Raiffeisen Bank International on the acquisition of core banking Raiffeisen Bank Poland. The success means a subsequent issue of shares. In turn, the PKO BP entered into an agreement to conduct negotiations on an exclusive basis on the acquisition of the company Raiffeisen-Leasing Poland of Raiffeisen Bank International. The Bank also announced that the conclusion of this transaction will mean a lack of dividend payment.