I took a look at Goldman Sachs' set of panic indexes—it's pretty surreal. Just three weeks ago, they were soaring near historical highs, and now they've plunged straight down to linger in the low range. This roller-coaster reversal, to put it plainly, is all about how fiercely the Fed is wielding its baton in the spotlight. In this market, monetary policy is like an invisible rein: loosen it or tighten it, and risk assets change direction accordingly.