Looks like the Fed is finally understanding that they are behind the curve and not able to catch up to the curve without triggering an economic contraction. Now we will see how long the business cycle can hold on.
I still see an economic contraction starting by 2nd quarter 2017. Still a 70% chance by end of 2016 as I predicted back at the start of January. The only difference now is that reality is settling in more at the Fed and market participants.