Today, Oct. 28, is a huge day for the Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) -- and it has nothing to do with earnings season. In mere hours, at 2 p.m. ET, Fed Chair Kevin Warsh and the Federal Open Market Committee (FOMC) will announce their decision on interest rates. Heading into this past weekend, the odds of FOMC policymakers keeping the federal funds target rate unchanged at 3.75%-4.00% surged to almost 91%, up sharply from just 29% one month prior. Fed Chair Kevin Warsh and the FOMC are likely to get aggressive with rate hikes at future meetings. Image source: Official Federal Reserve Photo.
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