I think I answered my own question. I had forgotten the difference between the federal funds rate and the discount rate. The FFR is a target rate which the Fed manipulates through open market operations. That would have strong market effects, although the 25 bp raise being discussed would mostly be symbolic of the possible end of an era. I was mistaking the FFR for the discount rate which is actually set by the Fed. It is the discount rate which I see as being a very minor factor in the economy.
I think the lack of excitement is,due to the fact that most people who formerly made up the market have learned during the past 8 years that there is no longer a market, so by definition there cannot be a bear market. There's a Dow, and s&p, etc., etc., but prices are so heavily manipulated by governments and corporate management tricks that prices are more of a function of manipulation than of the crowd's discounting of future returns.