We had a bit of a relief rally. And perhaps there's the sense that the Fed is finished for now.

The year-over-year gain of 1.7 percent reinforces the sense that the current series of Fed rate hikes is nearly finished.

The Fed's not finished,

The Fed's not finished. More rate hikes loom.

We've had a little bit of a relief rally because the ISM was softer than expected, but the prices paid were higher so it's hard to get too excited about it one way or another.

I wouldn't be especially concerned about a major episode of financial distress resulting from the recent and forthcoming Fed rate hikes. I don't think it would be enough to cause pain -- unless you have people managing financial institutions being very reckless in their oversight of the situation.