Why Do Stocks Rally Into FOMC Day?

There’s a piece at the NY Fed’s blog that everyone’s buzzing about today, it concerns the S&P 500’s upward drift heading into FOMC announcements… From Liberty Street Economics: The Drift: A First Take The pre-FOMC announcement drift is best summarized in the chart below, which provides two main takeaways: 1.  Since 1994, there has been…