I've updated the chart from the last Fed Day and so a fairly complete fed day chart history going back 1998 for the E-mini S&P500 - the ES. The 2004 charts have the FOMC decision above them. And it looks like I changed the link to: http://www.deltat1.com/Education/articles/fed_days/index.htm
The Federal Open Market Committee (FOMC) consensus forecast is for a rise in the interest rates from 2.25% to 2.5%. Meeting starts today and rate change (if any) will be announced tomorrow at 14:15 EST.
look back at 1998-2002 and you will see lots of 20 point swings in the s&p's. Too bad market doesn't trade like that anymore.
The FOMC meeting is likely to bring in a widely anticipated 25-basis-point increase in the federal funds rate target. Market players will be more interested in the post-meeting statement. Will the word "measured" be deleted from the statement? That is the current expectation. However, it is probable that the change would still wreak havoc in the financial markets. In this case, what is expected may still not be fully digested. Federal funds rate target Consensus Forecast for Mar 22 05: 2.75 percent (+0.25 percent)