Here is a good article on the impacts of the rate increases so far -
Stock Market Outlook: a 'Fed Pause' Will End the Bear Market in Stocks (businessinsider.com)
"The ongoing tightening cycle, which is expected to include at least two more 50-basis-point rate hikes over this summer, is likely the biggest headwind for stocks as they try to rally from their current. The NASDAQ 100 is down about 30% year-to-date, while the S&P 500 is down nearly 20% over the same time period.
But for the Fed to slow down or pause its quantitative tightening cycle, it would need to see three main criteria, according to Stifel: lower gas prices, lower inflation, and lower GDP growth. In other words, bad news may be good news for investors and the stock market. Stifel expects some of those factors to materialize in the fourth quarter of this year, which could set stocks up for a rally into year-end."