The fact that the market would react so dynamically without the Fed actually doing anything, and only talking about slowly paring down its $4.5 trillion balance sheet in what would be a long and drawn-out process, means the Federal Reserve has created a trigger-happy landscape in several asset classes. This is the very thing they were lecturing everyone about, saying Fed policy going forward would be different this time, after the 2007-08 financial crisis pushed Fed rates too low for a prolonged period to stimulate the housing industry. Although there are definite signs of an improving economy, it’s my view the stock market is still tethered to a dovish Fed.