Is the Fed starting to lose control? We had horrific jobs data Friday, on top of other weak macro data recently, and we had a Fed mouthpiece, Dudley, out this morning talking up stocks ("rate path unclear... hikes will be gradual... data-dependent aka S&P500..."). This was timely considering early stock futures were down 1%. Usually this combo of weak data and Fed talk would send stocks soaring 1%-2% but this time it's only managing to stem the decline, reversing initial losses to bring the markets flat. The current data does make you wonder what exactly the Fed achieved in 6 years, other than stealing from savers with ZIRP and blowing an asset bubble to primarly benefit the 1%. There could be a dangerous combo on the horizon of recession plus losing of faith in the Fed.