Stocks Slump As Fed's Bullard Warns The Market Is Wrong

 "Markets don't appreciate how close the Fed is to its goals," and thus tightening is the warning from the usually quite dovish Jim Bullard.

• BULLARD SAYS MARKETS DON'T APPRECIATE HOW CLOSE FED IS TO GOALS
• BULLARD SAYS HE'S TRYING TO PUT EMPHASIS ON CLOSENESS TO GOALS
• BULLARD: MARKETS SHOULD BE PRICING IN RATE INCREASES BASED ON WHAT THE FED SAYS
•  BULLARD: ECONOMY SHOULD BE ABLE TO HANDLE IT IF WE BEGIN TO PULL BACK FROM WHERE MONETARY POLICY IS NOW

Remember, don't fight the fed - unless they say sell?

And it seems the market that is 'wrong' is stocks; as bond yields continue to tumble to 4-week lows. Consider for a moment the many reasons why bonds would be here and now thanks to Bullard, they are front-running the equity sell-off (knowing that once stocks dump, it will all go into duration).