In a recent interview with CNBC's Rick Santelli, Richard Fisher, former President of the Dallas Fed, explained “The Fed has the market on Ritalin—trying to keep the mood very smooth, keep volatility down as much as possible. As soon as they hint that they might remove that, then they create the problems they're afraid of. So, they've boxed themselves into a corner, and the real art will be to see how they manoeuvre to get out of that”….“When [the Fed] move—and I hope they move sometime in June—there'll be a settling in of the marketplace. There will be a correction. Suck it up. Deal with it. That's reality."
http://player.cnbc.com/p/gZWlPC/cnbc_global
And, as Albert Edwards correctly notes, "the sad thing is that, as Fisher says, the Fed has boxed itself into a corner, for surely it is clear to all in the markets by now that it's not "global risks" that worry the Fed but the impact on the S&P."
And just in case it still isn't clear, here is some Edwardsian sarcasm who points out that it is "definitely Global Risks that the Fed is concerned about... not the S&P" as the chart below "clearly shows."