, Columnist
Jerome Powell Knows a Market Tantrum. This Isn't Close.
Long bonds and high-flying stocks are taking steep losses but aren’t the Fed’s top priority.
Not going there.
Photographer: Daniel Acker/Bloomberg
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Federal Reserve Chair Jerome Powell has worked at the central bank for almost a decade. Naturally, during that time he has seen his share of market meltdowns, from the so-called taper tantrum in 2013 to the losses in late 2018 that forced him to reverse course and start lowering interest rates. And, of course, the Covid-19 crisis that started about a year ago.
The market moves of the past week or two, by comparison, barely register as a blip.