The FOMC meeting of last week was basically a non-event, since the Fed reiterated the need to keep rates low for an extensive period of time, albeit it sees the U.S. economy stabilizing. Rates should again rise in the second part of next year, despite expectations mounting for an increment in December. In fact, after WW2, the Federal Reserve started to increase rates six months following the top in the unemployment rate, which, at present time, might happen sometimes this year or at the beginning of the next. Finally, the Fed has apparently no intention of expanding the purchase of USD 300 billion of longer-term U.S. bonds after the October’s target. With inflation so low, the consumer price index was down 2.1% year-on-year in July, a “wait and see” approach could be the best solution.