"Central banks have become a source of macro volatility, rather than a dampener," says one economist.

Although the average retirement account balance rose in the fourth quarter of last year, balances ended the year down from a year earlier – losing nearly one-quarter of their value, according to a new Fidelity report.

The Conference Board predicts a recession that will be more of a bump in the road than a pothole that disrupts the economy.

"Supply-chain bottlenecks are certainly unwinding, but we are not back to pre-Covid levels just yet."

But employment is still too high for the Fed.

According to the New York Fed, a reduction in shipping congestion, an easing of parts shortages, and weakening consumer demand have result in below-normal supply-chain pressures around the world.

January's personal consumption expenditures (PCE) price index came in hotter than expected today, rising 5.4% from a year earlier vs. a 5% increase in December.

Some Republican lawmakers insist that the limit will be raised and the U.S. government will not default on its debt. Others seem to be considering alternatives that Powell considers to not be viable.