The Fed is only concerned with the US economy's performance and the recent bout of emerging market turmoil poses little threat to that. It is worth remembering that despite the currency crises which spread through Asia in 1997 and 1998, which were compounded by the Russian debt default later in 1998 and the near-collapse of Long-Term Capital Management, the S&P 500 rallied by more than 25% in both 1997 and 1998.
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