A stock sell-off, rising trade tension with China, slower global growth and verbal pressure from the White House are unlikely to dent the US Federal Reserve's rate hike plans in an economy performing in line with its forecasts. 

A bumpy 48 hours for the Fed included an 800 point drop in the Dow Jones and hefty declines in other stock indexes, a forecast of slowing global growth from the International Monetary Fund.

It also endured a broadside from President Donald Trump in which he called the Fed "crazy," "loco," and "too aggressive" in raising rates. 

But data since the Fed's last meeting in September has been in line with its portrait of an economy in which historically low unemployment will be coupled with inflation running near the bank's 2% target for the foreseeable future. 

Gradual rate increases - moving the overnight federal funds rate over the next year and a half or so from between 2-2.5% now to around 3.4% - would slow the economy a bit.

But the rises would keep inflation in check during a record-setting era of recession-free growth spanning the Obama years and Trump's first term. 

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. 

Even chief Trump economic adviser Larry Kudlow, qualifying the president's opinion of Fed chair Jerome Powell's Fed, said he thought the Fed was "on target,".

He added that its ability to raise rates was a sign of "economic health, that is something to be welcomed and not feared." 

The US unemployment rate in September dipped to 3.7%, a level not seen in nearly half a century, while an inflation report yesterday indicated the pace of price increases remained under control around the Fed's target. 

Even the sharp rise in long-term bond yields that has spooked equity investors this week is a sign of an economy working more normally than it has since the financial crisis. 

Indeed depressed long-term rates had led some Fed officials to worry that short-term rates might rise above them and cause the sort of bond yield "inversion" that precedes recession. 

But the spread between short- and long-term debt is now widening. 

Donald Trump's comments and the stock slide "won't be enough to prevent the 'crazy' Fed from raising rates again in December," Capital Economics analysts wrote after the last consumer price data, which, while slightly below expectations, were still roughly in line with the Fed's plans. 

Forecasters with Macroeconomic Advisers left their outlook for annualised gross domestic product growth unchanged at 3.7% for the third quarter and 2.6% for the fourth quarter. 

The Fed has been revising its own growth forecasts higher through the year, as the impact of recent tax cuts and increased federal spending have been felt. 

Dramatic and sustained stock market declines can feed into that outlook through a "wealth effect" if they begin to erode household and business confidence, and prompt consumers and investors to curtail spending.

This afternoon, the Chicago Federal Reserve President, Charles Evans, said it was fair to question rate hikes by the central bank.

The policy stance should be re-adjusted to at least neutral, Mr Evans told CNBC in an interview, adding he was "disappointed" that wage growth has not been higher.