What effect would that action likely have on mortgage rates and other longer-term interest rates that the Committee would like to influence? This question can be answered only if we know the effect of the action on market expectations about the future course of short-term rates.
To take an extreme and unrealistic example, if the FOMC had established a reputation for reversing any changes made in the funds rate at the subsequent meeting, an increase in the funds rate today would not affect market expectations of future values of the rate (beyond one meeting). In this example, the FOMC’s action would have essentially no effect on long-term interest rates.