Let’s first review what happened: Markets rallied hard into the Fed in hopes of reassurance and some caving or pausing, but markets got nothing but a rate hike, still further rate hikes into 2019 and QT on autopilot to boot and it was the term “autopilot” that was the final blow. Markets didn’t like that and then it was carnage. Total Fed tantrum by market children who wanted candy again and didn’t get it. Powell actually did the right thing. He was the adult that told the children off….