The jobs number surpassed everyone’s expectations. Cue the complaints about the Fed

Last month, the Fed slashed interest rates by a supersized half-point in a bid to prevent the job market from falling apart, Chair Jerome Powell explained in a news conference after the decision was announced.

Last month, the Federal Reserve slashed interest rates by a supersized half point in a bid to maintain the job market’s strength, Chair Jerome Powell explained in a news conference after the decision was announced. But when fresh data this Friday showed the job market is more robust than even the Fed chair thought, some analysts saw it as an opportunity to engage in what Philipp Carlsson-Szlezak, Boston Consulting Group’s chief economist, called “everyone’s favorite pastime:” bashing the Fed. “Did the Fed even need to cut rates in September, let alone cut by 50bps (basis points)?” Seema Shah, chief global strategist at Principal Asset Management, wrote in a note on Friday. James Knightley, chief international economist at ING, said in a statement: “The Fed should be hiking rates with these sorts of figures, not cutting rates.” Even before the Fed’s September rate cut, some investors criticized the central bank for not cutting at its July policy meeting and said officials were behind the curve. Powell defended the decision at the news conference, saying the Fed is not playing catch-up. Second-guessing the Fed isn’t new, of course. Central bank officials themselves note the uncertainty inherent in their work, especially when the economy reaches inflection points. But trying to make sense of that uncertainty is all part of their work. There also isn’t ever a singular view of the economy’s health and its direction. Economists don’t always agree, so of course, the Fed will always be subject to some criticism.