Bond yields haven’t changed much in the meantime. 206 points, or 0.7%, have been added to the Dow Jones Industrial AverageDJIA futures, while the S&P 500 SPX futures and the Nasdaq CompositeCOMP futures have both gained 1.1%.

The Federal Reserve is anticipated to increase the benchmark lending rate by at least half a percentage point at 2 p.m. EDT on Tuesday. In spite of this, the fed-funds futures market expects the central bank to hike interest rates by three-quarters of a point today, with a 99 percent probability that it will do so.

Most of this conclusion has already been reflected in the stock and bond markets, however. Since June 2, the S&P 500 has plummeted more than 11 percent, ending Tuesday’s close with a loss of more than 10 percent. The two-year Treasury yield hit a multi-year high of 3.435 percent on Tuesday before dipping to 3.31 percent on Wednesday. There was a spike in interest rates on Tuesday when the 10-year yield hit 3.482% and then dropped to 3.369%.

Some investors are “almost calling for the Fed to boost rates by 75 basis points to indicate the Fed’s anxiety at the inflationary storm.” This is the sentiment expressed by 22V Research head of technical strategy John Roque.

Investors in the market now expect a major stock market surge after the Fed’s statement. As of now, it seems that the depth of Fed hawkishness—the willingness to raise interest rates quickly—is completely reflected in the stock market’s decline. Market participants can see a relief rally if the central bank publishes news that isn’t worse than expected.

As soon as the clock strikes 2, Bleakley Advisory Group Chief Investment Officer Peter Boockvar adds, “I wouldn’t be surprised if we had one of those rip your face apart bear market rallies.”

However, Wednesday’s early market spike didn’t have much of an impact on the cryptocurrency market. Despite a jump in demand, Bitcoin was down 5% at little more than 21,000 dollars. There was an 8.1 percent drop in the price of Ether to a little over 1,100 coins.

On Wednesday, the following four stocks might experience some movement:

Cryptocurrency-related businesses have been particularly heavily impacted. (Coinbase Global COIN –0.83%) has lost 25% of its value in the last five days and dropped 6% in premarket trading today.) Last week, the share price of MicroStrategy (MSTR), a software business with significant Bitcoin holdings, had dropped 33% from its prior highs.

The analysts that Jana Partners and Zendesk (NYSE: ZEN) –4.92 percent are negotiating a settlement. Due to the potential residence ignition of the company’s CEO, ZEN gained 2.5% in the premarket.

HM-B.Sweden, the company that owns H&M, had its shares drop 5% in Stockholm trading after posting better-than-expected second-quarter revenue results.

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