SPDR S&P 500 ETF (SPY): ETF Research Reports Roughly an hour before the end of the regular trading session, a scoop from the Wall Street Journal sent equities hurtling downward at an even more harrowing clip: reportedly, the Fed is now considering a 75-basis-point (bps) rate hike this week. There are some market participants who would like the Fed to be even more aggressive than simply a 75 bps hike — to a full percentage point this Wednesday — in order to really give inflation a thwack to the skull.