Here are my thoughts on this. 1) WSJ seems to be the mouthpiece for Fed these days and they are fairly accurate. The latest WSJ article seems to downplay on 1% hike so we should see only 0.75% hike, 2) Powell most likely to be as hawkish as his speech during Jackson Hole last month so do not expect anything dovish. 3) Based on the few Fed officials speech recently, the dot plot from Sept FOMC will be more hawkish than June FOMC, with higher rate for end 2022 and 2023. So not expecting the market to rally after FOMC. But short term market movement are impossible to predict. The market is actually super hawkish now and predicting a higher terminal rate than Fed. So when the dot plot for Sept FOMC comes out and show lower than what the market expects, there might actually be a rally as media might try to interpret it as dovish. But even if there is a rally, most likely it's just a short term relief rally. The mid or long term view of the market is still depressing. I can only say, "Don't fight the Fed". A real bull rally can only come after the Fed pivots. And now, Fed is still far from the pivot point. Just my opinion.