Markets are pricing in with certainty that the Fed will deliver a rate cut this afternoon, the first in over four years.

Today is the 54th Federal Reserve monetary policy decision day since Chair Jerome Powell took the helm back in 2018, according to Bespoke Investment Group. And the chart below from Bespoke shows how the S&P 500 has performed intraday on average under the various Fed chairs. since 1994.

Wall Street ticked slightly higher early Wednesday as markets awaited an expected interest rate cut by the U.S. Federal Reserve, the first in more than four years. Futures for the S&P 500 and the Dow Jones industrials were each up less than 0.