Say what you will for all the prior calm that the "markets" seem to be expressing, or argue as so many next-in-rotation fund managers scrambling to any open microphone or camera to explain their reasoning that the "markets" have "priced in" any such policy changes.
Or, maybe you are taking solace in the arguments now being professed by the merry band of Ph.D economists, "think-tank" aficionados, or Ivory Towered academics as they explain why "The numbers show the Fed. is on the right track and pace." Even though just a few months prior (October to be exact) this same cohort argued and backed Ms. Yellen's own assessment and proclamations. To wit:
The Federal Reserve may need to run a "high-pressure economy" to reverse damage from the 2008-2009 crisis that depressed output, sidelined workers, and risks becoming a permanent scar, Fed Chair Janet Yellen said on Friday in a broad review of where the recovery may still fall short.
Yet, that was then, and this is now. Or said differently – that was right before the election when the results were all but a lock, and this is after, when all those "locks" were smashed into oblivion.