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The 'bar is high' for stocks during today's Fed meeting
Stocks have ripped higher since the Fed's last meeting on Nov. 1. The S&P 500 rose over 9% between meetings, its largest increase between two Federal Reserve meetings since 2009, according analysis from Bespoke Investment Group.

To eToro US investment analyst Callie Cox this means the "bar is high" for stocks to move up as Fed Chair Powell speaks on Wednesday.

Increased confidence that the Federal Reserve is done hiking interest rates and cuts could come sooner than initially thought drove the major averages higher into the December Fed meeting.

On Wednesday, investors will be looking for affirmation of that narrative both in Powell's commentary and within the latest "dot plot," which will project how many rate cuts Fed officials see happening in 2024.

A chart from Cox also showed that the moves in stocks coincided with the second-largest drop in the 10-year Treasury yield (^TNX) seen between meetings since March 2020.

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