From our correspondent in Washington

The decision yesterday of the monetary committee of the federal Reserve not to change the policy rate was widely anticipated. The Fed maintains its key rate called the "fed funds" between 2, 25 and 2, 50%. In its press release it noted that "recent indicators point to slower growth in household spending and investment spending of businesses in the first quarter... while overall inflation has declined, largely as a result of lower prices of energy". His change of policy announced at the beginning of January, indicated by a break in its increases rate, is therefore confirmed.

In the press conference that followed the publication of the press release, the boss of the us central bank, Jay Powell, has judged that the current level of rates was close to neutrality. This position seems to be appropriate today and might be for months. "We do not see any data that suggests that we had to move in one direction or another. They suggest that we stay patient and let the situation clarify itself over time," says Jay Powell.

The Fed does not undertake not to modify its rates before the year 2020. Its policy always depends on the signals given by the economic climate. Even so, it does not exclude that his position of waiting lasts until the next year.

This nuance in his perspective rate has not excited Wall Street. The S&P fell by 0, 3% at closing. On the other hand it has affected the course of the banks because the latter are able to enhance their margins when the Fed promotes a rise in rates. The dollar has suffered initially, losing 0, 7% against the euro, before ending the day on the american market, virtually unchanged.

The possibility of maintaining the fed funds rate" at its current level until the yesterday is also illustrated by the charts published yesterday by the Fed. They show anonymous what levels are considered by the members of the monetary committee of the central bank for the next few months. These charts reflect the scenarios that appear to be credible to the governors and other members of the Fed and not a promise or a set of procedures.

furthermore, the Fed confirmed its decision to slow the pace of reduction of its balance sheet from may and completely stop this drop in October. This is basically the wishes of Wall Street, worried that the exit of quantitative easing by the return on the market of Treasury bonds and securities pledged on mortgages to be successful to make it go up too fast, long-term rates.