Pre-FOMC Update – Mega Caps Weak, Banks & Transports Strong

1:22 p.m. ET We have less than an hour to go before the FOMC policy directive. A 25 basis point rate hike is a lock, but with the 2-year yield below the Fed funds rate, this has historically been a policy mistake (overtightening), although another 25 basis points to a 525 basis point hiking cycle…