The Federal Reserve is expected to hike interest rates for the third time this year on Wednesday, a signal the central bank believes the U.S. economy is growing fast enough to withstand tightening monetary policy.

But the more important part of the central bank's statement, and press conference by Fed Chief Jerome Powell afterward, will be what they say about the future path of rate hikes. If the Fed moves too fast, investors worry it could derail the economy and the bull market.

"Higher interest rates are going to be bad for growth stocks because, by definition, those earnings are farther away in the future," said Charles Bobrinskoy of Ariel Investments, which has $13.2 billion under management. "These value names are earning a lot of money today so in a high interest rate environment, they do better."

Here's what six experts including Bobrinskoy believe investors should look out for when the Fed releases its rate hike decision and how they should play it.