The consensus on the Fed -- which is something I said yesterday -- is that "these morons are going to over-hike us into a recession".
I get the sense that the FOMC is so desperate for a 'win' on anything that they're willing to wreck the economy just so they can live out their Volcker fantasies.
In any case, here's a better Fed rant than anything I could write and given what's happening in markets, this won't be the last one.