If the rate hike (and many more) are baked in why the drop again?

I've invested for decades and I just don't get that the hint of raising the fed funds rate in March resulted in the market dropping. Then the hint of several increases, more drop, then the hint at 7 increases, a sell off. Now they actually are raised and the market sells off all over again as if they were blind sided. How are these baked in if the market just got decimated in a day?