Fed officials said they would raise interest rates by 50 basis points three times in a row. How will this affect the stock market?

I tell you what they said

Fed Governor Waller said: leaning towards a 50 basis point rate hike in May, and possibly 50 basis points in June and July; we hope to be above neutral in the second half of the year.

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That is, starting in May, in June and July, interest rates will be raised by 50 percentage points each. Will such a big rate hike have a big impact on the stock market?

Should we hold our stock or leave for now and wait for the market to drop before buying?

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I guess it has something to do with the 40-year high CPI just announced. They worry that CPI will continue to rise.

What do you think?