Hm. Six days before the stock market reversed course, the Financial Times was wondering why interest rate hikes by the Fed weren't tightening things up. (Attempting to quote the article in a perfectly legal and ethical way under fair use guidelines, but the FT website is trying to mess with my post)

Despite the Fed’s gradual removal of monetary accommodation, monetary conditions have not tightened — they have become looser. Corporate credit spreads have declined, long-term interest rates have hardly changed, stock markets keep going up and the dollar has not appreciated markedly. What explains this apparent paradox?"

Now that we're starting to see the results of tightening, and with China launching its petro-yuan and a physical gold exchange, do you think the Fed will change course?