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Will a Fed rate hike really matter to markets?

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Saxo Bank's Head of Macro Strategy Mads Koefoed joins the vigorous debate ahead of the Federal Open Market Committee meeting this week. The markets, Mads argues, should be less concerned with the timing of the next hike but instead should be concentrating on the possible trajectory taken by the Fed with future hikes. 

Will this be a 'one and done' scenario? A short, sharp shock to let the US economy know that the days of cheap money are coming to an end or will the Fed embark on a longer journey of small but regular steps upwards.

Mads explains why he's more relaxed about the impact on equity markets, pointing out that stock markets rose during previous hike cycles in past decades.