I agree, but what has suddenly turned the Feds into monetary hawks after decades of the cheerleaders of the asset markets?
Very easy to answer that. The previous FED chair, Janet Yellen was determined to keep Obama in power by keeping rates unrealistically and historically low -or- she was just scared out of her wits to raise rates for the fear of being accused of causing a recession.
The new FED chair seems to be more of a realist. The FED is notorious in creating unnecessary dislocations in the economy by being behind the curve.
The economy works best in the long run if left alone. Periodic mild recessions are good because it gets rid of unproductive assets and dead wood.