The Federal Reserve has pledged to get inflation back under control — even if slowing the economy means unemployment rises and households and businesses feel some pain. And although the Fed’s move to raise interest rates this week was widely expected, stock markets are feeling that pain already.

“The Fed’s continued balancing act between restoring price stability in exchange for economic pain has roiled the markets as hopes for a soft landing are quickly fading,” said Nicole Tanenbaum, partner and chief investment strategist at Chequers Financial Management. “Monetary policy is a blunt instrument, and investors are rightly concerned that the Fed may go too far too quickly before it is able to accurately assess the effects of its policy on the economy.”

The bad market news — and the Fed’s forecast of a sharply slowing economy — could also affect campaigns for this fall’s midterm elections in Congress, where Republicans have been hoping voters will blame President Biden and Democrats for high inflation. Inflation has become a somewhat less salient issues among voters, as people say they’re feeling better about the economy and getting some breathing room from falling gas prices. But turmoil in the markets could become a hot topic on the trail.

The full weight of the Fed’s actions since March — pushing a key interest rate up by 3 percentage points already, with more increases still to come — may not be felt until later this year or next. But financial markets are taking in the central bank’s promise and sending alarms back out — making clear that no matter how many times Fed officials say they’re going to do whatever they can to crush inflation, the idea still roils Wall Street.

“I believe it’s probably going to get worse before it gets better,” said Dan Ives, managing director and…