Digging deeper, though, it is important to recognize that part of the reason that the bond market would react so strongly to a sharp change in the short-term policy rate is that we have settled into a self-sustaining equilibrium in which the Fed tends to act gradually, and the market has come to expect that gradualism.
In other words, the market has learned that a given increase in the federal funds rate at the beginning of a tightening cycle is typically followed by many more moves in the same direction, so there is naturally a multiplier effect on long-term rates of a given change in short-term rates.