Stocks enjoyed a brief pop, which was immediately retraced, when moments ago the Fed released new chair Jay Powell's prepared remarks from his Ceremonial Swearing in - his first public statement since replacing Yellen and since last Monday's volnado - and which perked up the market when Powell said that "We will remain alert to any developing risks to financial stability."
This prompted a 100 point pop in The Dow, which however quickly faded.
The rest of Powell's comments:
the Fed will "preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible," adding that "while the challenges we face are always evolving, the Fed's approach will remain the same."
"The global economy is recovering strongly for the first time in a decade. We are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives."
"Monetary policy has continued to support a full recovery in labor markets and a return to our inflation target; we have made great progress in moving much closer to those statutory objectives."
"We will continue to pursue ways to improve tr