Look at that.
Dow futures are down by only about 30 now, despite a very signal that the Fed — however they want to word it — has begun the tightening cycle.
Compare this to the sturm und drang last week when the PBOC raised reserve requirements for Chinese banks. Everyone thought that was a big deal, and markets swooned right after it happened (though by the end of the day they had recovered).
We said it on January 12. Bernanke has been replaced, and now we’ve got more evidence.