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The Fed needs to buy short-term paper RIGHT NOW, and sell off longer-term paper.
The indices gave back gains on Wednesday, as market players pondered whether the Fed is anticipating some problems that the market isn't seeing.
The equity market is massively overpriced, and there are some serious recession risks looming with a Fed that is backed into a corner.
Maybe the Fed is doing the wrong thing, but you don't argue with the guy that prints money.