Considering the cumulative effect of tightening and the likely lags for policy doesn't mean these factors are more important than new information about the economy. On the contrary, new data, especially on inflation, are much more important now, well into the tightening cycle, than when the only direction for the federal funds rate to go was up- and up by a lot.
In particular, the degree of complexity of some products that are designed for the purposes of re-packaging and selling debt instruments has become overwhelming.