The biggest shocker in today's Fed announcement is not that the Fed did not hike: that was telegraphed far away. It is highlighted on the chart below in red: for the first time ever, one FOMC predicts negative rates in 2015 and 2016. Was it permadove Kocherlakota: probably not, he is out next year...

In retrospect, this too should come as no surprise: over the weekend we asked if "Yellen About To Shock Everyone: Goldman Says The "Fed Should Think About Easing." The lack of a hike was not a shock, but the negative dot, oh yes.

And earlier today we hinted at just this: NIRP:

Q. Can an ON RRP operation have a negative stopout rate? A. Yes http://t.co/hRvY3Lx9eG — zerohedge (@zerohedge) September 17, 2015

So: instead of QE4 - forget hikes - is the Fed going to shock us with NIRP in the coming months?