Stocks, bond yields, and the Dollar suddenly started dropping right as The Fed unveiled its revisions for industrial production and capacity utilization.

Already at weak levels, both were revised notably lower, slowing the market's rate-hike expectations and stalling any hope that the recovery is gathering pace.

Judging by the chart below, the June payrolls report was right: snowfall in the summer was indeed much worse than most remember.

Which begs the question: after double-seasonally adjusted GDP numbers is “Toshiba-adjusted” GDP coming next?