Had this number been very high, the markets would have been quite confident the Fed would raise rates. The real question is whether they are going to pull the trigger on interest rates again, and my answer is no.
I suspect that interest rates must increase considerably more than is currently expected or has been built into forward markets.
Overwhelmingly, I think the stock market is taking the view that the economy is doing well despite the rise in interest rates, and they clearly don't think that however much interest rates go up, that it is going to impair growth, or impair profitability.
I think part of what has driven the market today are fluctuations in oil and interest rates and the bond market.
The economy is doing a lot better than people recognize and therefore, the Fed may have to hike rates more than they expect. The equity market is fighting the Fed.