The schedule of rate increases had already been announced. Given that a less aggressive schedule was unlikely given inflation, there was a possibility of a more aggressive schedule. I think the market is reacting to that.

The 50bp bump was telegraphed and the forward guidance seems to be consistent with what the Fed has been saying for a while, so I’d be skeptical (as, frankly, I usually am) of the usual simple causal narrative between the concrete event and the same day market movement.