With the Federal Open Market Committee kicking off its two-day policy meeting, where central bankers are expected to announce a 0.75 percentage point rate hike, the Fed decision today may once again be followed by stock-market gains, according to DataTrek Research co-founder Nicholas Colas.
“No guarantees that this will happen again this Wednesday, of course, but we would not be surprised to see traders front-run this fact tomorrow,” Colas noted. According to Colas, the phenomenon of a “Fed Drift”, which sees that equities have tended to rally into and through FOMC meetings and hold their gains the day after, no longer works.
See: Why stock-market investors fear a full percentage point Fed rate hike would ‘unnerve’ Wall Street
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