LOCKHART: YOUR LOSSES MEAN NOTHING; FOUR RATE HIKES FOR 2016

Tough day in the markets? Fed’s Lockhart doesn’t give a shit. He’s only interested in higher rates, to push back against that tidal wave of inflation that’s beating against our doors.

Federal Reserve Bank of Atlanta President Dennis Lockhart said he favors continued tightening of monetary policy this year, and a global selloff in stock markets is unlikely to affect the U.S. economy.

“When such volatility develops, I think it’s helpful to look at the real economy of the United States as opposed to the financial economy and ask if something is fundamentally wrong,” Lockhart said in prepared remarks in Atlanta. “Are there serious imbalances that make the broad economy vulnerable to foreign shocks? I don’t see that kind of connection in current circumstances. ”

After talking all of that nonsense, he then threw out the boiler plate “we’re soooo data dependent, like OMG.”

“I’d like to be more definitive in predicting future rates, but the degree of uncertainty – particularly as regards global influences on our economy — affirms the wisdom, in my opinion, of letting the economic data do the talking,” Lockhart said.

Markets are soft again, led lower an insane drop in oil of 6%. Biotech is also cremated into skeleton dust, off by 5%.