Artillery Fire Setting the Stage for an Economic Bombshell from the Fed

North Korea fired missiles into South Korea today.

The markets are a bit shaken up – the Korean won is down more than 3%; the US dollar is the recipient of some safe-haven flow; the S&P 500 futures are down about 1% at writing.

Last week we mentioned that the risk-bid for the US dollar – a sustained move higher for the buck based on a dramatic shift in consensus sentiment – was very much in play considering the Ireland & Co. fiasco, plus the outlook for China to really tighten down on its major growth drivers in an effort to stem overheating.