The Federal Open Market Committee (FOMC) is expected to maintain its current interest rates in the range of 5.25%-5.5%, with a 99% chance of rates staying unchanged. The market assigns a 70% probability of another hold in the Nov. 1 meeting. Analysts are divided on whether the Fed will pencil in an additional rate hike for 2023. The FOMC meeting will unveil updated summary economic projections, incorporating data on GDP growth, inflation, and the unemployment rate for the coming years. This scenario has the potential to introduce volatility in the stock market, including the S&P 500, which is closely tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY).