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How to trade a hawkish Fed statement

Janet Yellen
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Janet Yellen

The consensus among investors and traders seems to be that Federal Reserve Chair Janet Yellen will not raise rates Wednesday, but she will show a hawkish tone in the committee's statement and during her news conference after the decision.

This hawkish-hold or non-hike hike notion seems to be the sentiment in Steve Liesman's Fed survey Tuesday, where 90 percent of respondents said the Fed won't raise rates this month and 88 percent said it will happen in December instead. The respondents said the November election is the unspoken reason keeping the central bank on the sidelines.

Some notable investors like Bill Gross still believe there is a 50-50 chance of a hike coming Wednesday.

So how should investors trade the meeting? A hawkish-hold scenario may be seen by many investors as as good as a hike so investors may want to position for one. And if Gross is right, they will already be on the right side of the trade.

So which sectors go up when the Fed raises rates? Using Kensho, a hedge fund analytics tool, we looked at all the times the U.S. central bank increased rates since 1983.