Before you can answer this question, it would help to know what it means when the Federal Reserve tries to slow the economy. Companies have less access to money to expand their operations, which means they hire fewer workers. At the same time, higher interest rates will typically lower consumers' demand for new homes, cars and other capital goods. Again, the result is lower inflation. Specifically, those companies that depend upon heavy consumer spending are more likely to be hurt when the economy cools down.
Noncyclical industries are generally more immune to rising interest rates and a slowing economy.
Thus far, we've looked only at stocks. For one thing, if a slowdown begins to hurt a wide range of stocks, investors may turn to bonds, viewing them as a safer alternative, thereby driving bond prices up. Bonds provide a fixed interest rate, so, in periods of high inflation, the purchasing power of your bonds will drop. Furthermore, if rising inflation is accompanied by higher interest rates, bond prices could suffer. If, for example, new bonds pay a seven percent interest rate, and your bond only pays five percent, then, if you want to sell your bond before maturity, you will have to do so at a discount, because no one will pay full price for the lower yield.