The Federal Reserve has broadcasted a .25 increase tomorrow. This is the 6th hike (in less a year) and the issues now are both financial and philosophical.

The Federal Reserve sent in trillions into the economy in a short period of time and the result was inflation (that could not be controlled with simple policy statements). It's real. It's pernicious. It's not transitory.

The act of fixing this cancer will not be a quick dose of chemotherapy. You cannot raise rates (in a short period of time) and hope to correct monetary policy decisions that took decades to install. Inflation is a deadly virus of price appreciation that does not give a shit about your timeline for opening up the liquidity again.

No easy money by December. Nope. It's just not going to happen. The marketplace has yet to realize this truth. Shoving a few rate increases down the throat of the economy hoping to make things "all better" is not a realistic policy solution.

The acceptance of what's ahead has not been priced into assets. The next rate hike is going to put people's jobs at risk (if they continue to hold onto the pleasant fiction that things are going back to normal by the end of the year).