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The S&P 500 was down 2.44% last week, which was the 8th largest decline during a week when the Fed met since 1990. Below we highlight all Fed weeks in which the index was down at least 2% and provide the S&P's performance over the following week and month.

As shown, the index has been down in the following week 5 out of 9 times for a median decline of 0.75%. The results get better over the next month, with gains 6 out of 9 times and a median change of 2.91%.

The last time we had a 2% decline during a Fed week was in May 2006, and the index was down 1.87% over the next week and 3.02% over the next month.

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Source: More Declines in Store Following Last Week's Post-Fed Selloff?