It's typically a great day for the market, which has rocked on Fed days only to succumb to big moves lower afterwards.

The message is clear- Wall Street wants to believe the Fed is nearing a completion of its mission, which would initially manifest itself with small rate hike, then no rate hikes, and eventually cuts.

Fed decision-day performance:

January 26, 2022, it maintained the rate: S&P -0.15%

• +25bps March 16: S&P +2.24%
• +50bps May 4: S&P +2.99%
• +75bps June 15: S&P +1.46%
• +75bps July 27: +2.62%

The timeline for this takes us at least through the rest of the year and some think up to 2024. 

But all of this is on paper - it's a good script, but it will change, and probably change dramatically, with a couple noticeable dips in the rate of inflation- and that's the real key for investors.

Inflation doesn't have to be low; it just needs to drift lower to get the stock market to trade higher.  

The Fed is also updating its Summary of Economic Projections - so there is a lot to chew on...grab your popcorn.