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Both government statistics and private sector alternatives showed an improving job market, and yet investors concluded that the Fed would raise rates. Why?

Once again, last week bonds dissented from other asset classes in what they are implying about the future. The bond market seemed to dissent from equity markets in its outlook signaling less growth optimism.

A good theme verse for this week would be "When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn."

Looking at last week, which was the last full week before the Fed announcement, we see the pattern unmistakably, as markets absorbed economic news not in terms of what they mean in and of themselves, but in terms of which ways the winds would blow in terms of our volatile double-minded central planners.

"I’ll ask you the same thing I asked Andy Olivastro, from Heritage, recently: fix it, or end it? Andy said 'destroy it.' Bury it in the ground. So what says Tom Carter: is this is a fixable thing?"