There's something about the Fed's urgency to hike that's offputting

What's the rush?

The US employment numbers tell the Fed it 'can' hike rates but inflation data, the strong dollar and the sluggishness in global economies say they don't have to. If anything, they argue that the Fed should be more patient.

The column that did the round today was from one-time Fed Chairman candidate Larry Summers who argued that the Fed could be making a "serious error."

Paul Krugman picks up the thread as well and blames a Fed that wants to get back to 'normal' without recognizing that the old models are invalid and that inflation isn't an issue.

"A lot has to do with the urge to resume a conventional central-banker role," Krugman writes. "The whole culture of central banks involves saying no to stuff people want, taking away the punch bowl as the party gets going, having the courage to do unpopular things; everyone wants to be Paul Volcker. The Fed is really, really eager to return to that position - and is, I fear, engaging in wishful thinking, believing much too readily that a return to normalcy is appropriate."

If the Fed doesn't show that it gets the message soon, the market will continue to kick and scream.