You Can Come Any Time You Like, But You Can Never Leave

That's the first thing I thought of as an analogy to the wise, but unheeded words of former F_E_D governor, Kevin Warsh, "Getting in to accommodative policy (QE) is easy, it has always been the exit that is the nightmare".

If yesterday's two pre-emptive F_E_D speakers (pre-empting tomorrow's 2 p.m. minutes) were not strange enough and  VERY interesting, today we have Dudley scared witless of the market's reaction to what Warsh warned about, "Policy Normalization" and hew should be, every time the F_E_D has normalized policy it has sent the market down, they have unprecedented policy accommodation, I'd be having nightmares too.

• DUDLEY: FED MAY NEED TO RETHINK BALANCE SHEET PATH, COMPOSITION
• DUDLEY SAYS FISCAL DRAG TO U.S. ECONOMY IS `SIGNIFICANT'
• DUDLEY: FED MAY AVOID SELLING MBS IN EARLY STAGE OF EXIT
• DUDLEY: IMPORTANT TO SEE HOW WELL ECONOMY WEATHERS FISCAL DRAG

• DUDLEY SAYS HE CAN'T BE SURE IF NEXT QE MOVE WILL BE UP OR DOWN

DUDLEY SEES RISK INVESTORS COULD OVER-REACT TO 'NORMALIZATION'

It sounds like the minutes are not going to be helpful to the market.