New Federal Reserve Chairman Jerome Powell on Tuesday said the central bank “will remain alert” to any risks to financial stability, marking his maiden attempt to soothe financial markets.
In brief prepared remarks at his swearing-in ceremony, Powell reminded the audience that Washington made enormous strides in its effort to strengthen the banking sector in the wake of the financial crisis.
“The financial system is incomparably stronger and safer, with much higher capital and liquidity, better risk management, and other improvements,” Powell said.
The new Fed chairman has had a busy 10 days in office. Stock prices SPX, -0.17% have gyrated, and analysts are debating whether there will be a “Powell put” to calm the market’s frayed nerves.