There has been a creeping sense in markets over the past week that investors may be trying to ‘fight the Fed,’ with stocks marching higher before the latest rate decision from the Federal Reserve—which may ultimately turn out to be a bearish shock.
Fighting the Fed doesn’t tend to work out. But that’s not the only reason to worry about where stocks stand heading into Wednesday, even as futures tracking the major indexes slip in the hours before Fed Chairman Jerome Powell’s key press conference.