Volatility continues to rule on Wall Street with the S&P 500 reversing course again on Tuesday and heading lower. The broad market index fell more than 2.0% at the low of the session as traders brace for the FOMC statement due out later today. The statement is not expected to bring a change of policy but could further strengthen the hawkish stance taken by the FOMC in recent months.

The risk for the market now is the FOMC will try to catch up with the economy and front-run inflation. With the PCE price index coming out on Friday, the risk for them is they won?t sound hawkish enough with inflation still on the rise and accelerating on a year-over-year basis. The takeaway for investors is the economy is still hot, as long as the Fed doesn?t stall it out the outlook for interest rates hikes spans years. Between now and then any pullback in stock market prices is going to be a buying opportunity.