Citi says traders expect the biggest Fed-day move in the S&P 500 since 2023

Bloomberg cite data compiled by Citi:

• the S&P 500 index is implied to move 0.95% on Wednesday ... according to an options strategy known as an at-the-money straddle, where traders buy an equal number of calls and puts with the same strike price and expiration
• the last time traders priced in an FOMC-day move this wide was in May 2023

Bloomberg is gated, link is here if you can access it

The Federal Open Market Committee (FOMC)'s policy decision will be released on Wednesday May 1 at 2 pm US EDT (1800 GMT) with Fed Chair Jerome Powell following up with his press conference at 2:30 pm (1830 GMT).

Earlier previews:

• Fed rate cuts in 2024? BlackRock's CIO predicts more monetary easing ahead

• BoA on the FOMC meeting - more clarity on inflation is needed, in "want and see" mode

• FOMC meet this week: "the most interesting news about this meeting will come on 22 May"
• "Fed has simply run into a brick wall"
• expect a hawkish Fed and Powell
• Fed cuts are not imminent