>You're basically saying that whatever the price is, the market is right. Op said that the markets are priced based partly on expectations of the future, I don

>You're basically saying that whatever the price is, the market is right. Op said that the markets are priced based partly on expectations of the future, I don't see any claim that those expectations are necessarily correct. In terms of the Fed's effect: Both the Fed's immediate actions as well as expectations of future Fed actions have an effect on prices.