Equities on the defensive
S&P 500 futures are down 14 points after yesterday's 6-point decline. Historically, Fed day is the best day to own stocks.
Of course, that factors in a 30-year trend towards lower rates but I think there's more to it than that. The usual playbook is that market participants get overly worried about hawkish talk and then the Fed chair delivers a more-cautious and more-dovish message than feared. Sound familiar? It might by the end of the day.