The Fed is poised to loosen monetary policy for the first time in more than four years on Wednesday. But was it ever truly tight in the first place? According to one closely followed gauge of how markets responded to the Fed's rate hikes,

Federal Reserve Chair Jerome Powell is known for providing clear signals about the central bank’s next interest rate move in order to avoid roiling markets. But Wall Street was mostly clueless this week when it came to predicting how big a rate cut the Fed would deliver on Wednesday.