Fed Doves Rally Bulls

"We can't discount inflation," says Joe Brusuelas, chief economist at IDEAglobal. "The Fed doubled down."

As the market rallied, some traders stepped back from the excitement to question the context of the FOMC statement and whether it really is "bullish" or not. It is possible that others might wake up Thursday and do the same.

"The Fed believes the economy is slowing and inflation remains sticky -- is that not stagflation?" writes Randy Diamond, trader at Miller Tabak. "We rally on this?"

Yep. We did. Rate cuts in this environment of fear and anxiety seem a bit like catnip: tasty, but not necessarily healthy.