Last quarter we argued that the Fed was late to act in the face of rising inflation. We are seeing the repercussions of inaction currently with global markets on pins and needles, reacting violently to a single data point, positive or negative. Case in point, a pivot-friendly rate hike from the Reserve Bank of Australia (RBA) set markets on fire in early October, only to be extinguished by a strong nonfarm payroll report two days later. Why the angst?