A Federal Reserve rate hike is largely priced in for Wednesday, but JPMorgan says the S&P 500 could still swing anywhere from 1% higher to 2% lower depending on how Chair Kevin Warsh frames the move. A surprise decision to hold rates steady could prove painful. JPMorgan Chase & Co. (NYSE: JPM ) estimates the index could fall 1.25% to 1.75% if the Fed leaves rates unchanged. Polymarket traders put the chance of a 25-basis-point hike at 89% Wednesday morning, compared with 11% for no change, with roughly $193 million traded on the decision .
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