[jyl]

My two cents.

Debating about whether the Fed’s actions are “right” is usually, almost always, a waste of time. It is entertaining, I guess, to opine and listen to others opine, but in the end since neither you nor they are making the decisions it’s basically just squirrels chattering.

Predicting what the Fed will do - both actual actions and the messages it chooses to send - is far more useful, and predicting how markets will react to it is also far more useful.

Like today for example. Seriously, what practical difference does it make if the Fed “should have” or “should not have” taken the action and sent the messages that it did? What matters is that it did, and markets were (bizarrely) not expecting it.