FED's job #1 is to fight inflation, still. Thing is, inflation #'s have been so tame that they have gotten away with easy money for years. I think we are at the end of this. Inflation has potential to get real ugly now, and if so, they don't lower rates even on weak data, cause in the long run it will lead to a nasty drawn out recession. The more you artificially inflate markets, the harder they fall. Guess where those great earnings have been coming from?
Excessive liquidity.
Party is over soon. I'm not picking a date for a top, but it will be here soon enough.