The Fed rate hike was more 'hawkish' than you think

``The Fed is also raising the rate it pays member banks to hold required reserves at the Fed, doubling that payment to a half-point. This gives banks a much bigger incentive to earn a half-point on their cash, risk free! That is a major disincentive for banks to make further loans. And it comes at a time when the velocity of money, or the speed with which the money supply turns over, is close to zero.... But the Fed has just become a hawk in dove's clothing. As far as financial assets are concerned, a reversal of one's bullish stance may be in order as well.''