The Absolute Return letter is widely read in the investment world and if you are unfamiliar with it, you can find it here (as well as sign up to receive it by e-mail):
from the just released letter...
"Before 1982 the days on which the Federal Open Market Committee('FOMC') convened were just like any other day in the U.S. equity market, but that changed with the arrival of the great equity bull market. Since 1982 a full one quarter of the total return on U.S. equities has been delivered on those 8 days a year the FOMC meet, regardless of whether interest rates were lowered or not. Even more noteworthy, in the first few years following the GFC, the performance of the S&P 500 on those days the FOMC convened was no less than 29 times stronger than average daily returns (chart 2). In other words, the sheer existence of those meetings have had a much bigger say on equity prices than what the FOMC actually decided to do. That is nothing short of astonishing. (p.3)"
Disclosure: I am/we are short SPY VIA OPTIONS AND VIA LONG TZA (TZA=SECTOR-DRIVEN QUANT MODEL).
Additional disclosure: Short cotton and long cattle.