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It's an old script, pumping the market before the FOMC to build momentum, then reversing and smashing 5% on the news. In the past 9 times, 8 of them played out like this, and this time remains textbook-level.
FOMC was priced in. We saw a bullish narrative form into the news, then a -5% dump afterwards.
Textbook reaction.
8 out of the last 9 FOMCs have seen a ~5% decline afterwards. This time was no different.