Surprise Surprise

"What do you want from me? I'm just a word processor."
--Paul Hackett (After Hours)

Surprise of the day is the Fed's 25 bip increase in the discount rate after the markets closed this pm. Am sure this will be talked to high heaven as to its 'real' meaning, but an untelegraphed tightening by the Fed, even a measly quarter point raise, has to serve as at least a minor gut check to the 'printing press' crowd.