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 transparency both in monetary policy and in regulation”
  • “We approach every issue through a rigorous evaluation of the facts, theory, empirical analysis and relevant research. We consider a range of external and internal views”
  • “We explain our actions to the public. We listen to feedback and give serious consideration to the possibility that we might be getting something wrong”
  • “Congress has wisely entrusted us with an important degree of independence so that we can pursue our monetary  policy goals without concern for short-term political pressures”

And:

  • "As Chairman, I will do my very best to further our pursuit of something we all seek--an economy that works for all Americans."

Like buying the fucking dip.

His full remarks are here.