Goldman Sachs expects the Federal Reserve to hike rates only once more, significantly fewer than the three hikes currently priced in by the market, suggesting that the current tightening cycle could be one of the smallest since 1983. Strategist Vickie Chang highlighted strong equity performance following historically limited tightening cycles: the S&P 500 rose 34% in the year after the 1997 rate hike and 9% after the 2015 hike.