I've been trading the S&P since 1991.
The FED as usual is behind the curve.
If the market keeps going down you will hear from the that they plan to hike. After they hike there will be a Big rally again.
That's the way it always works.
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They will not be forced to hike unless data in a few months is terrible or bond market does it first as you see the 10yr yield.
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When they hike rates it typically causes a massive selloff