I wasn't the least bit surprised by the Fed's move Wednesday to stand pat on interest rates.
As I noted on CNBC's "Closing Bell," talking is just about the only policy tool still available to Fed Chair Janet Yellen.
That's because the world's other central banks are doing her dirty work for her.
This isn't a popular concept amongst those who like to believe the Fed is in control, but it's all too real. The People's Bank of China unpegged the yuan last August. Then the Bank of Japan introduced negative interest rates in January. And, last week the European Central Bank unleashed Super Mario Draghi's monetary bazooka - all of which make it impossible for Yellen to raise rates at the moment.
Speaking of which, traders breathed a sigh of relief based on the fact that Yellen may be taking rate hikes off the table for now, lending credence to the thought this morning that the Fed may finally be stepping out of the way.
Don't bet on it.
What happened Wednesday is another very deliberate move in a long string of moves that's designed with one intention and one intention only - to manipulate markets.
Not that that's new news - but here's what is.
In the Money Map Report, we've talked many times about how and why there are singular inputs that move markets during specific points in our economic history. I raised a lot of eyebrows when I said that the Fed accounted for 85% of all market action since 2008, but it turns out I may have been too conservative!
The real figure may be at least 93%.