Where Would the Market Be Without FOMC?

Where would S&P 500 be without FOMC?  Let the economists at the Federal Reserve Bank of New York tell you.  Enjoy, then ask if the Fed's moves have had nearly as much of a positive impact on the economy as they have on the equity market.  Link to the research is below.

The Puzzling Pre-FOMC Announcement “Drift” (David Lucca & Emanuel Moench)

http://libertystreeteconomics.newyorkfed.org/2012/07/the-puzzling-pre-fomc-announcement-drift.html