Theoretically what would happen if fed raised rates by 5.0% at once this week?

If anyone has any understanding of macro, what exactly would happen if the fed just said fuck it all and just hiked by 5% in one go?

like, someone please explain every financial instrument and how it would be affected.

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All I can guess is that we see a march 2020-like crash, and then immediately everyone would stampede into extreme BTFD mode.