Fed runs out of patience

The Fed is going to run out of patience, which means the equity rally may run out of road.Bonds, which have already had an ugly few weeks, would come in for more.Job creation blew through expectations in February, with 295,000 positions added, as the U.S. jobless rate sankto a 6-1/2-year low of 5.5 percent. Average hourly earnings are rising at a 2 percent annual clip, slightly down from the month before but well in excess of consumer inflation.Now neither the trend nor the absolute numbers are consistent with zero interest rates, especially given that an unemployment rate of 5.5 percent is arguably within the zone where wages rise to attract labor.The most likely course: the Federal Reserve moves deliberately but rapidly to make its first move upward in rates in the post-crisis era.