Recent developments in US economic trends including a slow-down of inflation acceleration and comments from Jerome Powell have led the market to believe this may the last FOMC interest rate increase until late next year. Some estimates have economic growth slowing over the next twelve months which has raised a chance, however slim, the Fed may lower rates at some point in the year. The budget had been vetoed by the EU early last month on the grounds spending plans violated terms of an agreement made with Italy's former government.