The course to tighten monetary policy taken by global central banks will have a negative impact on the stock market, says the International Monetary Fund. Such warning was voiced last week by the organization's financial advisor Tobis Adrian in an interview with CNBC. The Fed confirmed its plans to raise the key interest rate after its last meeting. According to Adrian, the fund hopes that the regulator's actions in this regard will not be chaotic but orderly. For example, the raise of the rate by 50 points at once would provoke a significant fall of shares. The behavior of the market players, according to the fund, will be largely determined by the degree of clarity of the regulator's policy. At the same time, Bridgwater Associates, an investment firm, believes that the Fed is interested in some decline in stocks and will allow them to fall another 15 to 20%. So far, he estimates, the negative momentum has benefited because it has eliminated a number of bubbles.