Two words - "policy" and "error"

Gold up 3%, Long bonds up 2%, Stocks down 5% since the Fed hiked rates: This was not supposed to happen!

And money markets are not buying what The Fed is selling.

What rate hike? The market is starting to whisper about an imminent rate cut .

What does it say about The Fed when one month after they confidently hike rates (for whatever reason they concocted), the market implies a rate cut is more likely to come next.

And this is what The Fed offers:

FED'S LACKER: CASE FOR HIGHER INTEREST RATES OUGHT TO BE CLEAR

Actually, not so clear at all, considering the US is now in an industrial recession, although as we joked last night:

What the market needs is an emergency rate hike to boost some more confidence — zerohedge (@zerohedge) January 7, 2016

And then there was this:

FED'S LACKER: DON'T ANTICIPATE NEGATIVE INTEREST RATES IN U.S. IN '16

At this point we would show a chart demonstrating the "accuracy" of Fed predictions but by now that would be redundant.