Wells Fargo quoted data compiled since 2015 as saying that the Federal Reserve usually raises or cuts interest rates when the probability of interest rate changes absorbed by the market exceeds 69%. The bank said that the consumer price index released on Friday “may determine” what action the Federal Reserve will take at next week's meeting. Analyst Ohsung Kwon and others said on Tuesday that since 1994, the S&P 500 index fell an average of 3% in the three months after the first increase in the interest rate hike cycle. The index has only risen once in the past six austerity cycles.

Wells Fargo quoted data compiled since 2015 as saying that the Federal Reserve usually raises or cuts interest rates when the probability of interest rate changes absorbed by the market exceeds 69%. The bank said that the consumer price index released on Friday “may determine” what action the Federal Reserve will take at next week's meeting. Analyst Ohsung Kwon and others said on Tuesday that since 1994, the S&P 500 index fell an average of 3% in the three months after the first increase in the interest rate hike cycle. The index has only risen once in the past six austerity cycles.