Keep your focus primarily on the business you're interested in owning part of. Devour their quarterly reports, learn their business. That's a lot more important than trying to be an expert in macro economics. You only have so much time, macro economics is not a prime value point of focus. Be an expert - to the extent an outside investor can be - in the business you're buying into.
Predicting what the Fed is going to do is relatively easy. Look at the US debt. It's trivial to know what the Fed can and can't do accordingly. They're bound tightly. Beyond that, who cares if the Fed hikes rates by a quarter point. These things are meaningless if you're a serious long-term investor. If you're a flipper, a short-term trader, sure then it matters, because you're looking to trade on waves of short-term sentiment.
The Fed can: talk a lot about how they plan to raise rates, to try to talk asset bubbles down or otherwise restrain them. They use this bullshit talking approach a lot. They start jabbering about how they plan to raise rates far ahead of when they actually do it. They leaned on that con heavily after the great recession and stretched it a long ways, and they're still relying on it. That's because they can talk a lot and can't take a lot of actual action. Somehow the morons on Wall Street still haven't figured this out, that clown show still thinks the Fed can hike rates consequentially.
The Fed can't: actually raise rates by very much, because it'll crash the economy, smash the big asset classes, and make the giant pile of US debt more expensive (which the US Government can't afford to do).
Inevitably by the time the Fed gets around to a modest actual hiking program, we're in or near another recession, and like magic rates go back to zero, they get their excuse to reverse course (something always happens eventually, something they can point to to stop the hiking process).
The Fed and rates are one of the easiest parts of the equation. You can know generally what they're going to do over the next few decades, because you know their constraints. And you can know what the outcome of their behavior will be (Japanification + more asset bubble cycles).
Yeah, but what about inflation? Increasingly huge mountains of debt (which, up to a point, act as a potent heat sink for robbing economic expansion and inflationary pressure) plus mediocre US and global growth will drain that problem given a relatively short amount of time. The US is facing Japanification, not persistent 1970s style traditional consumer inflation. We'll be back to hearing about how the Fed would like to spark higher levels of inflation (ie they'd like to debase more of the US debt away faster).