S&P500 Analysis Before FOMC Announcement

For this trade analysis, the S&P500 has seen a recent fall around 13 September. How does the FOMC announcement impact the markets given a 75 or 100 basis point rate hike?

The Federal Reserve is the central banking system of the United States and is responsible for buying and selling US securities in the financial markets and setting interest rates and reserve requirements to achieve stable prices and maximum employment. This announcement provides a wealth of data that can influence the markets, leading to volatility and is why traders pay attention to the release of data that happens 8-times a year.