What we are seeing is a continuation of the relief that the Fed will fight inflation, but will do so gradually.

We have some inflation at the pipeline level, rising commodity prices, crude, material prices, things of that nature, but that inflation doesn't always get passed on to the consumer level.

Although the economy grew briskly, it is not leading to inflation pressure one has to worry about.

If the Fed is on the warpath with an eye to slowing the economy and trying to blunt inflation before it becomes a problem, by slowing the economy the Fed is hoping to address any imbalances between supply and demand, specifically for labor. It feels to me like the market is starting to look beyond the impact of the Fed and setting ourselves up for a second half where the wrestling match will not be between interest rates and valuations but rather between earnings and valuations.

The Fed announcement was no surprise, so you're seeing the market breathe a sigh of relief.

You don't fight an unfriendly Fed.