Updated

Ahead of the Federal Reserve's upcoming policy meeting, strategists and commentators including Jim Cramer flagged the decision as the next major test for stocks. Economists noted the Fed has historically not stopped at a single rate cut or hike, with some forecasts suggesting upcoming moves could extend beyond one adjustment given persistent inflation pressures. Cramer further drew comparisons between the current market environment and the fall of 2018, when rising interest rates combined with geopolitical tensions preceded a roughly 20% S&P 500 sell-off. He urged investors to weigh similar risk factors now, adding to the cautious tone surrounding the Fed's upcoming decision.