Posted 9:30 AM ET – This is one of the most anticipated Fomc statements in recent memory. This will be the first rate hike in years. Traders are expecting a 25 basis point increase and language that supports similar increases at the next 3 meetings. Asset Managers typically reduce risk ahead of tightening and that explains the selling pressure the last two months. They want to gauge the impact of higher interest rates on economic growth. If economic growth is stable, they will start to buy in a few months. The Fed grossly miscalculated the magnitude and duration of inflation. They …