(The remaining 7% believe the Fed will sit tight.)

Hedge fund manager Bill Ackman tweeted earlier this month that a half-point hike by the Fed could help "restore its credibility" as an inflation fighter since it would be a "surprise move to shock and awe the market, which would demonstrate its resolve on inflation."

"The Fed is losing the inflation battle and is behind where it needs to be, with painful economic consequences for the most vulnerable," Ackman added.

Even some bankers are starting to think that the Fed could start with a big rate hike.

Still, most market participants think that the Fed can show that it is serious about fighting inflation with smaller rate hikes.

"We think it is unlikely the central bank will open the possibility of a [half-point] hike in March.

Dimon told analysts on the bank's earnings conference call earlier this month that there is "a pretty good chance there will be more than four" rate hikes this year — and potentially as many as six or seven.

"This whole notion that somehow it's going to be sweet and gentle and no one is ever going to be surprised ...

I think it's a mistake," Dimon said about the current expectations of slow, gradual and telegraphed rate hikes.

Get ready for tech earnings

Stocks have been volatile during the first part of earnings season.