Fed's Triple-Hike Path Turns September Meeting Into Key Event

History shows the Fed rarely raises rates just once, and that pattern is shaping trader expectations ahead of the next policy meeting. Analysts flag that a single hike is unlikely to be the whole story this cycle.

The stiffest test for markets may come at the moment expectations shift from one hike priced in to two or three. That repricing window is where volatility in rates, FX and equities typically spikes hardest.

Traders positioning around this event should watch how bond yields react to forward guidance language, since that reaction often previews the next leg in risk assets.