The biggest risk right now is the yuan level versus the dollar.
Data has been decent, but is showing signs of softness as the demand collapse in the rest of the world feeds into U.S. data.
After recent liquidation, it seems the risk-reward is on the downside for the dollar and U.S. bonds.
To a great extent what is happening is just the normal ebb and flow of the market as interest rates rise.
The speed with which this move in the bond market is occurring is whipping around the much-smaller stock market.
The news out of the Fed triggered computer programs to sell equities, but there is no follow through so far today.
The market is anticipating higher rates and some inflation and that likely will matter at some point, but not yet.
Apply the lessons of that boring trading year to today's market.
The 2-year Treasury yield, TIPS and gold all indicate the Fed shouldn't be forced to put a clamp on inflation.
Interpreting the 'shifting stars' of Fed policy.