The American Central Bank, the Federal Reserve (Fed) wants to allow this year long breaks on your course to the normalization of monetary policy and interest rates less frequently lifting than previously forecast. This interpretation allow both the now published session minutes of the recent Fed meeting in December, as well as the Speeches of Central bankers. The financial markets responded with gains. American stock an impressive Comeback, which was apparently fed further by strong economic data and the hope that America experienced-China trade conflict could relax. The Dow Jones Index gained since Christmas to more than 9 percent. The Fed minutes revealed that the Central bankers even before the interest rate decision in December of cautious had become against the Background of growing economic risks, such as the trade conflicts. They were still unanimously in favour of heave in December, the key interest rates in the range of between 2.25 and 2.5 per cent.

Winand von Petersdorff-Campen

Economics correspondent in Washington.

F. A. Z.

the speculation is that the public attacks Packed warnings from the President, Donald Trump were before the interest rate hikes counterproductive. With this increase, however, is reached, the evaluation, the key interest rate at the long-term neutral interest rate, which stimulates the economy nor attenuates. Growing Concerns about the economy, the world economy and sharp fluctuations in the financial markets made it unclear when and to what extent a further tightening of monetary policy was appropriate. On Thursday night, Fed Chairman Jerome Powell also warned against significant harm for the American economy, should the budget lock for a long time.