The recent 50-basis point increase in the overnight rate—which took the federal funds rate to 0.75%—has been on the lips of economists and industry watchers for the last week. That, coupled with the Fed's initial steps toward quantitative tightening, has investors treading lightly. 

But the moves toward quantitative tightening were "well-telegraphed," according to Marcus & Millichap's John Chang, who said "it seems that Wall Street has already baked them into the market." With that said, the Federal Reserve is making a concerted effort to get inflation back under control, and the consumer price index was 8.5% at last reading, with a new number set to be released May 11.

"Basically, inflation is at its highest level in 40 years, and the Fed is trying to use monetary policy to rein it in," Chang says. "The idea is that by increasing interest rates borrowing will be reduced and spending will slow down. That would shrink the demand side pressure that's pushing prices up."