Look at the big picture. The sanguine Fed decision by the governors to sit back and rub their tummies for a while changes nothing regarding the structural imbalances existing in the current financial markets and real economy. M3 growth continues to chug along, albeit much more slowly than last year. The Fed is conducting repo's in a fairly regular fashion. The Treasury is buying back bonds.
Liquidity remains in ample supply, despite the fact that the price of that liquidity has risen.
It sure appears to us that the Fed believes it can deflate the bubble in what it hopes is an orderly fashion. Step on the brakes, tap the accelerator. Given the near proximity of the elections, sensitivity to a monetary tightening overshoot that would result in financial asset market pain is high. We'll gladly pay you Tuesday for a hamburger today. Ugh, ugh, ugh, ugh, ugh.