Citi: Fed Is "Market-Dependent", Not Data-Dependent

``Lee concludes that skittishness in fixed income tends to elicit an easier stance from the central bank than the economic data would imply, especially since the financial crisis... The notion that the Fed has an unspoken tertiary mandate to maintain market calm gained traction in the wake of September's interest rate decision. Monetary policymakers refrained from hiking rates in part due to concerns that August's carnage in financial markets could weaken real economic activity going forward.'' -- Well, glad someone outside of the financial commentary ignore-o-sphere is saying it, at least....