Many applauded the moves as a useful step to curb Wall Street compensation practices that may have led to excessive risk-taking.

However, with inflation moving up on the Fed's list of concerns, Wall Street investors and others are now thinking the Fed might be forced to start boosting rates later this year to curb inflation.

Saloons blossomed overnight, two and sometimes three in a block, and after nightfall the streets were full of drunken men, black and white, reeling from wall to curb and back again.