It is literally disregarding the president's taunts, which is precisely what it is meant to do as an unconventional central bank.
But the Fed is now increasing interest rates from the 0% level - a historic low set during the financial crisis - and many indicators of lending remain loose. After all, quantitative easing may not be enough to combat the next economic downturn. The QE was essentially a process of printing money to buy assets such as mortgage backed securities.
"Why this came as such a surprise is something of a mystery as the minutes didn't appear to deviate from the message after the meeting when the central bank raised interest rates and removed the reference to policy being accommodative", Erlam said.
But Danielle DiMartino Booth, a former Federal Reserve advisor and CEO of Quill Intelligence, doesn't expect Wednesday's minutes to reflect the market's recent worry over interest rates. This was less than a year after the Fed ended the QE program.
Bullard also feels the Fed should not "pencil in" rate increases far into the future because of the uncertainty around forecasts, and the confusion that can cause among investors and households. The Fed had been waiting for the inflation to pick up and as soon as it received the signs, it started to raise the rate little by little. Already, the Fed has implemented eight rate hikes and it is in the process of raising in December. Instead of persuading the FOMC to keep rates low, it could make the committee more determined to hike them before the ever-watchful eyes of the world's banks and investors.
"A few participants expected that policy would need to become modestly restrictive for a time", according to the minutes.
While the Fed is politically independent and its policymakers have nearly uniformly signaled they intend to keep tightening monetary policy in the face of record low unemployment and signs of inflation, some economists have warned that Trump's hectoring could eventually harm its legitimacy.
Disagreement over Northern Ireland could prolong Brexit, angering many in UK
Tory MP Nadine Dorries repeated her call for former Brexit secretary David Davis to replace Mrs May as leader. May's official spokesperson said, "We've shown we can do hard deals together constructively".
The "president has gone postal, escalating US-China tensions and a stronger dollar will pose considerable headwinds to local equity markets", warned Stephen Innes, head of Asia-Pacific trading at OANDA.
Emerging market assets were weighed down by the rising dollar and concerns about higher USA interest rates.
Quarles said that it is not unusual for presidents to comment on Fed policy.
In addition, there is a question about the urgency for the continued tightening. This would move USA interest rates slightly above what policymakers say is "neutral" - that is, neither slowing nor speeding the economy - but some participants said the Fed would need to go even further than that.
The dollar index against a basket of currencies held steady on Wednesday, after hitting a two-week low in the previous session. A strong dollar leads to the products exported from the United States of America to be a bit expensive.
The S&P 500 .SPX zigzagged furiously between positive and negative territory after the 2 p.m. ET (1800 GMT) release of the Fed's September meeting minutes.