For equity investors sunk in gloom, the interest rate rise expected from the Federal Reserve on Wednesday may actually yield some relief.

US stock markets have been feeling the heat ahead of the Fed’s meeting, with the S&P 500 and the Nasdaq 100 Indexes falling 6.2% and 7% respectively over the past six days, on the outside chance Chairman Jerome Powell could adopt an even more hawkish stance to combat scorching inflation.

Yet if history is any guide, markets may be due a bounce once the meeting is done and dusted.

Over the past 18 months, the S&P 500 Index has risen after eight out of 10 Fed decisions. In the days following the Fed meetings in January, March and June, stocks rose between 6% and 9%, having dropped sharply in the run-up.

“Expectations are very hawkish, and the Fed can come out just as expected and still be more dovish than expected,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said in emailed comments. “That likely limits the market downside from this meeting and just may provide some upside going forward.”