It's possible that investors are surprised by how equity has performed this year, despite the Fed's strategy of boosting interest rates to unprecedented levels.

Analysts at Bespoke Investment Group noted that the S&P 500 SPX, +2.62% has lost around 10% since Fed Chair Jerome Powell and his colleagues began hiking rates in mid-March.

The index has risen at least 1.5 percent on each of the three previous Fed meeting days during this time period.

On March 16, the S&P 500's large-cap index gained 2.2 percent following the first 25-basis-point rate increase by Federal Reserve Chairman Jerome Powell.

On May 4, Powell raised rates by 50 basis points, which was the largest move since 2002. On June 15, the S&P 500 gained 1.4%, the largest move since 1994 (see chart).

All three times after Powell's press conference at 2 p.m. ET, stocks initially fell, but then rallied hard for the rest of the day.

After the Federal Reserve raised interest rates by 75 basis points, U.S. stocks continued to rise.

The S&P 500 gained 1.4%, while the Dow Jones Industrial Average DJIA, +1.37% gained 106 points or 0.3%, and the Nasdaq Composite COMP, 4.06% gained 2.6%. Powell will speak at 2:30 pm Eastern Time.

With regard to interest rates, the Fed is most likely to send a message of flexibility. However, despite expectations of a peak rate of around 3.4 percent, As of now, Ruskin believes it is too early to predict a September move of 50 or 75 basis points.

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