Does the Federal Reserve raise interest rates when stock market indices fall?

One obvious question in 2022 is whether the Federal Reserve may move to a more restrictive monetary policy if there is a downward correction in stock market indices. This leads us to look at its past behaviour with respect to share prices, from a descriptive view point and based on an econometric estimate of Fed Funds rate setting behaviour. We find that: The Federal Reserve has only once faced the problem of having to raise interest rates following a fall in share prices (in 2015-2016); Share price movements have no significant effect on Fed Funds rate setting behaviour. The Federal Reserve may therefore probably raise interest rates even if share prices have fallen.