Markets refused to listenThe Fed has been declaring, time and again, that they are not in any rush to cut rates. In years past, they were regularly criticized for cutting rates and "using up their ammunition" too soon. So why cut rates when the economy is running strong, jobs are plentiful, and there is absolutely no need for stimulation? it seems to me that consumers are spending and speculating like euphoric drunken sailors. This is the precise behaviour that the Fed is trying to discourage as it only makes inflation more persistent.