Matt O'Brien writes in WonkBlog, The Federal Reserve may have made a huge mistake "Markets sure seem to think that the Federal Reserve has made a big mistake. It hasn't just been stocks selling off 10 percent to start the year. It has also been bonds saying that they don't think the Fed will come close to hitting its target of 2 percent annual inflation anytime in the next 10 years. Markets, in other words, have done everything short of holding a boom box outside of Fed Chair Janet Yellen's window to beg her not to raise interest rates any more after the Fed hiked them in December for the first time in nearly a decade. And it just might work."
Krugman of course agrees, Fed Fumble.