There is a bit of an inconsistency in the idea that risk assets such as corporate equities can gain now that the Fed has signaled through three newspapers (the Washington Post yesterday, and the Financial Times and the Wall Street Journal today) that the odds of near-term rate hikes are lower than the market thinks, mainly because the rate hikes were being seen positively as a way to support the dollar and reduce the surge in commodity prices. A lax Fed would of course weaken the dollar and spark another rally in commodity prices.
While there is definitely inconsistency between gains in risk assets and the idea of a delay in the Fed's inflation fight, it is mostly an inconsistency for the short-run, mainly because the battle against inflation is now on. In other words, there is a rationale to rallying risk assets on the idea that inflation will be tackled and the economic outlook improved despite the short-run inconsistency prompted by signals about a delay in rate hikes (relative to expectations), since the market must of course discount that battle and its subsequent impact ahead of time. In the absence of a rate hike, whether in the near-term investors can cling to the idea that the Fed will be successful in containing influence will depend heavily upon the performance of commodity prices.