How the Fed is 'screwed,' and what happens next

``The essential problem is this: When the Fed could have raised rates it didn't want to. Now that it wants to raise rates, it may not be able to, at least not without causing substantial turmoil in the same financial markets it has sought so strenuously to soothe... "There will never be a good time to raise rates off zero when you've been there for six years," Peter Boockvar, chief market analyst at The Lindsey Group, told CNBC. "The Fed's screwed, essentially."''