Powell answers questions with Yellen and Bernanke

The message from Powell is that the Fed is listening and that they will act 'quickly' if the concerns in markets are borne out by the economic data. That's given risk assets a big lift.

Bernanke:

  • It's likely the economy will slow in 2019 and more in 2020, that's not news
  • Financial conditions were 'if anything' a little bit ebullient in 2017

Powell:

  • Meetings between Fed chairs and Presidents 'do happen'
  • Says he would not resign if asked to by the President
  • He was

Powell clear that he isn't going anywhere.