No equity market fears ahead of the FOMC

S&P 500 hits session high

I read a study once that showed that buying US equities on the morning ahead of the FOMC was the single-best day to buy stocks and it had returned nearly as much as the index over 10 years.

That's proven to be at least partially true once again today with the S&P 500 up 9 points to 2924.

The risk is that almost all of that 10-year period has occurred during a bull market and/or with a relatively dovish Fed. If Powell were to signal something especially hawkish today, it may be the start of a period where stocks underperform on Fed days.