GUALFIN, Argentina – According to several headlines, the U.S. stock market rose yesterday "ahead of Fed."

The Dow was up 229 points – or 1.4% – for the session.

And so, we return to poor Janet Yellen. Tomorrow, much of the world turns its lonely eyes to the Fed and its chieftain.

The Fed has as much as promised to make the blind see and the lame walk. It claims that it – and it alone – is capable of improving the U.S. economy and, by extension, the world economy.

People will earn more money. They will live better. And they will have less to fear from financial calamities, such as those that happened before the Fed was set up in 1913.

Master of the Universe

In the popular mind – if there is such a thing – it is further believed that the Fed "won't allow" a major bear market, because "it would be bad for the economy." The Fed rules the entire universe of commerce, finance, and investment.

Janet Yellen rules the Fed.

But who rules Janet Yellen?