Powell Says Nothing Changes

Federal Reserve Chairman Jerome Powell reaffirmed his intention of keeping the central bank’s easy-money policies in place, “Today we’re still a long way from our goals of maximum employment and inflation averaging 2% over time.” (WSJ)

Asked about rising bong yields Powell said, “I would be concerned by disorderly conditions in markets or a persistent tightening in financial conditions that threatens the achievement of our goals.”

For what it is worth, bond yields continued to rise and stocks continued to fall during and after Powell’s comments.