That stronger dollar has already done the Fed's work, trimming GDP growth estimates and actual GDP growth by as much as one full percentage point, according to some economists.
Further, there are fears that if the Fed were to normalize rates consistent with past efforts (the last time the Fed tightened policy, it raised rates 17 times in a row, lifting the Fed-funds rate from a then-historic low of 1 percent to 5 percent), the yield curve would flatten and growth could quickly turn negative.
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Clearly the Fed has pointed out that such a move back toward normal would not be as steep, nor as protracted, as prior efforts.
But, even a saw-toothed move to raise rates over time could have the same effect on the economy, given that this recession IS different and the economy may be more vulnerable to setback from any effort to lift rates -- even on a semi-regular basis.
So the "one and done" idea is gaining credence on Wall Street.
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The interest-rate futures market is not fully pricing in that scenario, but it is pricing in more than just the "go slow" approach the Fed has promised.
Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. He also editor of "Insana's Market Intellgence," available at Marketfy.com. Follow him on Twitter @rinsana.