I don't think one 50 basis point move (by the Fed) is likely to be enough. It's going to be very hard for the stock market to move ahead. Profit margins are not going to be expanding. There's going to be nothing to offset the higher interest rates.
This reminds me of the famous Sherlock Holmes mystery, where the dog that didn't bark was the key. It was what Greenspan didn't say more than what he did say that got the market excited. People were ready to hear a more upbeat reading on the economy than he gave.
There's excruciatingly slow improvement in the labor market and no reason for the Fed to withdraw any of its accommodation, given the lack of job growth.
The next two years are going to be a real watershed for them. They absolutely must demonstrate they can stabilize their market share, because cost-cutting is not enough.
The unemployment rate on a month-to-month basis bounces around quite a lot. The trend is for a small downward drifting in the unemployment rate, reflecting as much people withdrawing from the labor market as anything else.
The market has been extraordinarily complacent, viewing central bankers only as buyers although they're also sellers.