The Federal Reserve raised rates for the first time in nine years and traders are already turning their sights to the timing of the next hike.
A majority of investors see the next increase coming in April 2016, according to rate futures traded on the CME as of 2:15 pm ET.
The period we're in now — between the two hikes — has not been a great time historically for the markets. CNBC Pro found the S&P 500, on average, declined 2.1 percent between the first and second hikes with defensive-oriented sectors outperforming.
However, things start to look up as the tightening cycle continues.
Using Kensho, a quantitative analytics tool, we ran the numbers on how the market, oil, gold, Treasurys and S&P industry groups did between the second and third rate hikes.
Here's what you need to know in the four months leading up to the next probable Fed action...