Jay Powell received a brutish welcome from the stock market on his first day as Federal Reserve chairman, but the equity sell-off that spread across the world is unlikely on its own to force him to chart a new course on monetary policy.
While a sustained rout would start damaging business and consumer sentiment as wealth is depressed, the S&P 500 index remains at levels seen as recently as December.
A markets barometer from Goldman Sachs shows that financial conditions at Monday’s close were still nearly 170 basis points looser than they were when the Fed first lifted rates at the end of 2015, suggesting that markets are continuing to support growth.
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