FED DECISION: JPM'S MARKET PLAYBOOK JPMorgan expects the Fed to hold rates, despite markets pricing a sizable chance of a surprise hike. Its

FED DECISION: JPM'S MARKET PLAYBOOK JPMorgan expects the Fed to hold rates, despite markets pricing a sizable chance of a surprise hike. Its base case is a hawkish hold (50%), leaving the S&P 500 roughly flat to down 0.5%. A dovish hold could lift stocks up to 1%, while a 25bp hike could send the S&P 500 down 1.5%-2%, with tech stocks likely hit hardest.