🔻Stocks Post Bigger Losses On Fed Days: Cable FX Macro

• Looking at the last 8 Fed days we find that the S&P 500 index has posted mixed performances. On a net close basis, equities have seen more days of gains during FOMC event than losses

• Gains on Fed days have not recorded above 0.26% in the S&P 500, on the other tip of the balance, losses have seen as much as -1.39%, the minimum loss stands at -0.87%. In other words, stocks have posted larger losses than gains on Fed days

• The chart below shows the S&P 500 index average performance 30 minutes into the FOMC. Over the last 8 Fed meetings, the S&P 500 losses 0.30% on average

• The dollar index has closed higher 6 out of the last 8 FOMC meetings. On average, the dollar rises marginally after the Fed announcement