“Announcement effects appear somewhat ambiguous for the [British] stock market” [1].

For the last year, it’s largely been high P/E tech stocks that have reacted viciously to rates announcements. The rest of the market is less sensitive to small changes in rates (jargon: duration). And/or it’s better at pricing it in ex ante.

[1] https://www.sciencedirect.com/science/article/abs/pii/S10575...