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Here is what to expect from the markets after an interest rate hike

A September rate hike is a foregone conclusion - and according to the CME FedWatch Tool, that puts the odds that the Fed will increase rates on Wednesday at greater than 90 percent.

The economy has been riding some strong tailwinds: low unemployment, strong economic growth and inflation that's just right – all metrics the Fed looks for when it considers giving rates a boost.

Since the beginning of the current US Fed rate hike cycle, which began December 2015, the markets tend to sell off following a rate hike.

The S&P has dropped by an average of 0.88 percent, two weeks after a rate increase was announced, trading negatively 71 percent of the time.

The Dow fares a bit worse, dropping by an average of 1 percent in that period.

The worst performing group in the two weeks following a rate hike is the financials sector, which loses an average of nearly 2 percent - a negative trade 71 percent of the time.