Compared to the recent years in which the Fed has battled both high unemployment and weak inflation, it is a remarkably rosy scenario that, most analysts and officials have said, justifies what the Fed has done so far and offers little reason to shift gears.
No final decision has been made whether US President Donald Trump and Chinese President Xi Jinping will meet at the gathering of G20 leaders in Buenos Aires, Argentina at the end of November, US Treasury Secretary Steven Mnuchin said on Saturday.
Just two hours before, CNBC reported that an unnamed senior White House official told its correspondent that, "This is a bull market correction".
Trump's comments about the Fed going "crazy" came in contrast to a more measured statement issued by the White House about how the economy was strong.
Trump's remarks, almost unprecedented for a US leader, may roil markets further in retreat on the heels of hefty tariffs imposed on aluminum and steel imports from much of the world, and about half of USA imports from China.
US consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.
"The US equity bloodbath is taking no prisoners in Asia as a sea of red greets investors at the open, as equity deleveraging and liquidation intensifies", he said.
"The Fed continues to flood the market with U.S. dollars", he said in one tweet.
Bank of England Governor Mark Carney also joined in, saying "I think the sanest way to answer that question is to associate myself entirely with Lesetja's answer".
Mr. Williams nodded toward some of the worldwide concerns about the spillover effects of Fed rate rises by noting that the central bank has a domestic mandate, while adding it does very much take on board how its policies affect other nations. One is that higher rates make it more expensive to borrow, which can tap the brakes on economic growth. "The president is not dictating policy to the Fed.They are independent".
"I'm not thrilled because we go up", he explained, "and every time we go up they want to raise rates again, and I don't really - I am not happy about it, but at the same time I'm letting them do what they feel is best".
If anything, the market turmoil reflects concerns that the economy could grow too fast, forcing the Fed to move aggressively to snuff out inflation.
Powell and Trump haven't personally discussed the matter, the Fed chair has said, but Trump's rhetoric has alarmed some Democrats and Republicans on Capitol Hill.
Over the past three years, the Fed has raised rates eight times. "Today, the so-called forward-looking federal funds rate is identical to the backward-looking core-inflation rate".
His latest criticism of the Federal Reserve began earlier Wednesday as he arrived in Pennsylvania for a campaign rally.
Some of his former advisers said they believed Trump's criticisms of the central bank were warranted. Strong profits could very well ease investor anxiety.
The good news is that Corporate America is minting money right now.
In a sign of how much animosity Trump now holds toward the central bank, Moore said he believes Trump regrets appointing Powell to the position.