Allianz Global Investors, the S&P 500 has averaged a return of 9.9% during the Fed rate hike cycles since 1983. Commodities in fact have done the best, with an average gain of more than 25%.
Unlike the rest of the statement, which is lengthy and updated piecemeal, the dot plot boils down the Fed's expectations, Hatzius said. The essence of the Federal Reserve statements will be that rates will rise at a gradual pace, whether or not those words are used in the statement, Hatzius said.