Core Viewpoint - The market is anticipating significant volatility following the Federal Reserve's policy statement, particularly in the regional banking sector [1] Group 1: Market Expectations - The S&P regional bank ETF (KRE) has shown an average daily volatility of 2.5% on Federal Open Market Committee (FOMC) meeting days over the past two years [1] - There is an expectation that KRE will experience substantial fluctuations after the announcement of today's decision [1] Group 2: Valuation Insights - Despite a rebound in U.S. financial stocks since the low in April, regional banks have not aligned with the normal correlation to macro assets [1] - Currently, KRE is trading at a 14% discount compared to its normal valuation level prior to the FOMC meeting [1]