What will happen to the market if the Fed raises interest rates by 1% in the US?

The two-day meeting of the Federal Reserve, the US central bank, begins on Tuesday. Jerome Powell, the Fed's president, and the other members of the Federal Open Market Committee, the American version of the Copom, will have to make a difficult decision in managing both inflation and market expectations. U.S. interest rates are currently in the range between 2.25%…