Fed: Need to move interest rates higher still

https://www.reuters.com/markets/us/feds-waller-not-much-progress-inflation-higher-rates-needed-2023-04-14/

I asked this question on r/Economy but not much interest there: Are the stock markets in irrational / wishful thinking mode?

J. Powell clearly stated that rate cuts are not the Fed base case, moreover, recent data suggest more hikes. Why markets don't believe the Fed?

Past August 2022 the same thing happened. The fed clearly stating that interest rates will go up. But the market rallying, S&P-500 to 4300pt, and market news reinterpreting every bad new as a good new that will halt the Fed from more hikes.

Finally the Fed did what said, and the S&P-500 bottomed at 3500 within few weeks.

Are there economic laws governing this all?