Here is an update of the graphs I used here to point to the link from QE to the stock market.The market is down 10% since this time last year. If it stays down and falls further, look for a spike in US unemployment. I showed here that the stock market Granger causes the unemployment rate. Surely the Fed is aware of that by now. The question is: do they accept my causal explanation that sees low confidence as a self-fulfilling prophecy.