If the FED rakes interest rates by 75 basis points, also says they think inflation is getting under control, what will happen to the market?

Will the market trade up, down or sideways? I just ask because I currently have 60% of my net worth in QQQ and also in a lot of tech stocks like Microsoft. I wonder if I should buy right now or wait until tomorrow for the news to really go into effect. I see the market trading sideways if the stuff in the title comes true.