Intraday FOMC Pattern

As investors await the Federal Reserve's latest well-telegraphed announcement on interest rate policy, futures are drifting higher like they almost always do on these days.

For those curious, following is the S&P's intraday performance on the last 15 rate decision days. We can see a clear drift lower after an early morning rally, especially the last 7 dates going back to last November.

For those who would rather have the numbers, here is the table showing the S&P's returns over various time frames on FOMC days.