Europe's predicament puts Fed in a pickle

Central bank could face dead stick landing if it tightens

The ride wild in stock markets this week was not about the U.S. economy or mortgage rates, which are just about back to where they were before the circus. Pay as little attention as possible to the stock market. It enjoyed a one-way rally for three years, and was way overdue for waves of profit-taking — for any reason or no reason at all.