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Kensho Stats: If the Fed is hawkish, here's what might happen

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Treasury yields are on the rise as more investors think the Federal Reserve may sound more hawkish in its statement Wednesday.

If the second rate hike is put back on the table for the June meeting by the language in the afternoon statement, how can investors trade it?

"Our gut is that the Fed will sound more hawkish or rather hawkish in the sense that they are trying their best to keep the market alert to a hike (or hikes) this year," CRT Capital Group's David Ader wrote to clients Tuesday.

Using Kensho, a quantitative analytics tool, we ran the numbers on how the market, oil, gold, 10-year Treasury and S&P industry groups did between the second and third rate hikes in the past.