The Federal Reserve didn't divulge any clues Wednesday on when rate hikes will begin, but Bespoke Investment Group co-founder Paul Hickey is already doing the math on the market impact.

He said when the Fed goes without a hike for more than a year, you generally see dislocations in the market—just like in 1994, 1997 and 2004.

"Following the first hike in each of those periods, there was a correction in the market of 8 to 10 percent," said Hickey on CNBC's "Fast Money." "But these were brief sell offs. They weren't extended declines."

In a new note, Hickey highlighted what's at stake for investors as the Fed hike waiting game continues. He expects to see a move in nine to 12 months.

—By CNBC's Stephanie Landsman