The Impacts of the Fed's Rate Hike on the Market

The last time the Fed attempted to hike rates, and I believe it did so with Ford guidance, but a tight saying we're going to raise this. That resulted in the ultimate not a Santa rally, but a Santa sell-off. What are the impacts of hiking interest rates? And also, tell us about how it's now done by like a RRP rather than like changing the reserves because that there are too many reserves.