Need to Know: Buy the S&P because the Fed’s hawkishness is already baked in

It’s Super Wednesday eve, and not a trader is stirring — at least in the early going.

Sure, oil is losing altitude, but stock gauges worldwide aren’t making huge moves. Everyone seems to be waiting for the Federal Reserve and Bank of Japan’s big policy announcements tomorrow.

The central-bank double-header is being called “Super Wednesday,” like it or not. There is buzz about how markets already have done the Fed’s work and about how the BOJ could steal Yellen & Co.’s thunder.

You’ve also got folks predicting the yen USDJPY, -0.06%will weaken, as well as forecasts for muted action overall until tomorrow.

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