SPDR S&P 500 ETF (SPY): ETF Research Reports But this morning, pre-markets are up again, perhaps looking for a little equilibrium with another Fed meeting in December possibly bringing a fifth-straight jumbo interest-rate hike of 75 basis points (bps). One thing making economists and analysts trepidatious about a pending downward cascade in inflation metrics like CPI is the mirror image of what they feared a year ago: that once these moves gain traction, they are difficult to slow down.