If you believe that the voting members of the Fed can forecast the economy with any degree of certainty, then their rate decisions may have some effect on your portfolio and the economy in general. However, if you have kept an eye recently on the government bond market, concensus would have told you there was no rate increase coming. I'll trust the wisdom of thousands over the Fed's wisdom any day.
There's an old adage in our profession that the market climbs a wall of worry. The current worry is the Fed. When a larger worry comes along, the Fed's actions will become less worrisome. In 1987, the bond markets collapsed in April: prices of bonds fell and yields climbed dramatically. Unless you owned bonds, no one noticed. Then, in October, bad financial news came to the equity markets and the market went from 2100 to 1750 in a day. My point is, the loss was not triggered by something expected or worried about.
Without knowing what comprises your portfolio, there is no way to gauge the reaction to or impact of a Fed move, Utility stocks for example will be less impacted price-wise than a stock with a high P/E multiple. Some folks also might own bonds with a very long maturity as a part of their portfolio. Their values might be more impacted tha an owner of premium priced fixed income securities.
Lastly, a Fed decision might have a very short term effect on equity prices and it might not. And, while there may be an adverse effect on traders, those in the market now who own stocks, a year from now will probably wonder what all the fuss was about. Please, to be a successful investor, set your own time horizon for success and stick to it. Ignore the press, talking heads and noise.
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