When the Fed hikes, this is how they should do it

Uncertainty is overrated

There is no way economists and markets should be this divided going into the first hike in a cycle.

The Fed sees some virtue in uncertainty, keeping markets guessing and not pre-committing but they overstate the problems with that approach.

It would be much better if the Fed telegraphed a hike and we were talking about when the next hike would be and some of the very important technical questions on the Fed's ability to hike. That would take away some of the kneejerk fear, where the most damaging downside could come today.