The Fed Makes Its Decision Wednesday. Expect a Big Move in Stocks.

The Federal Reserve’s big announcement on interest rates is Wednesday. The stock market will likely make a large move—in one direction or the other.

The Fed is widely expected to lift its target for the fed-funds rate by three quarters of a percentage point Wednesday, the latest move in its campaign to squelch high inflation by denting demand for goods and services. The key for markets will be what signals Fed Chairman Jerome Powell sends about the prospects for future rate increases.