Inflation Blows Through Expectations, The Fed Warns It May Be Too Late & Calls Emergency Meeting

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all of a sudden, The Fed has called for an "Expedited, Closed" Board Meeting on Monday Feb 14th.
The goal of the meeting is: "Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks."
and after January's surprisingly bad decline to fresh decade lows, analysts expect University of Michigan's Sentiment Survey to show further modest weakness in preliminary February data. They were right in direction but the magnitude is way off - UMich headline sentiment crashed from 67.2 to 61.7 (against 67.0 expectations). Both Current Conditions (from 72.0 to 68.5) and Expectations plunged (from 64.1 to 57.4), even though both were expected to show modest rebounds.