With tapering has continued on schedule and the futures market puts the first Federal Reserve rate hike about twelve months out, putting tightening within many asset managers’ investment horizon for the first time in years. With that in mind Goldman Sachs analysts David J. Kostin, Amanda Sneider, and Ben Snider looked back at the relative performance of stocks and bonds in previous tightening cycles and predict that equities will outperform with a 6% annualized return through 2018 compared to just 1% for 10 year Treasuries. Interest rate hikes have followed market rises in the past “During the three previous ‘first’…