NEW YORK (TheStreet) -- The Federal Reserve released its FOMC statement and dropped the word "patient," but provided investors with a dovish tone. This led the way to a market rally, with the S&P 500 climbing 1.2% on Wednesday. 

According to Beth Ann Bovino, U.S. chief economist at Standard & Poors, the Fed wanted to drop the word from its statement to give itself more flexibility with the timing of its impending rate hike. 

The Fed remains data-dependent and now it doesn't have its hands bound by a single word. It also leaves the possibility that a rate hike in June or September is on the table, although June seems somewhat unlikely given the Fed's current stance. 

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While the first quarter of 2015 has been disappointing from an economic standpoint, Bovino says it's mainly due to an ugly, brutal winter that plagued much of the U.S. 

Overall though, the economy remains strong, as the labor market maintains strong momentum. The unemployment rate is down to 5.5%, although she acknowledged that many participants have simply dropped out of the labor force and have stopped looking for work. 

So there is some slack in the labor market, but it's certainly recovering. Consider that the quit rate is near a six-year high, signaling that employees feel confident enough where they voluntarily leave a job and pursue other opportunities. 

Because the economy and labor markets remain strong, the Fed will eventually have to raise rates. The economy has enjoyed almost ten years of near-zero interest rates, she added. 

And although investors and businesses are quite fond of having cheap borrowing costs, it can't last forever, she explained. 

Don't forget, the reason rates are eventually going higher is in thanks to a stronger economy, which should be viewed as a bullish signal to investors, Bovino concluded. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.