The Fed went ahead and raised short-term interest rates by 1/4 of a percent. The stock markets have sunk since the announcement. I said it was a bad idea!
In all honesty, I think there was a very good chance that the markets would have fallen anyway. The big issue weighing on the markets is the trade war between the U.S. & China. Both sides are digging in their heels. Throw in a potential government shutdown, Brexit instability, unstable US foreign policy, and potent impeachment and you have a stew of instability. I believe the markets would have fallen even if the Fed had done nothing. They would have looked better as they now have fingers being pointed at them.