In his speech today Jerome Powell announced that the Fed is not directed to asset prices, the Fed is focused on the performance of the real economy when making policy decisions.
Regulators should not "rely on credit cycles" in the absence of credible threats to the financial core, Powell said at the press conference, but also added that the Fed will not intervene in the allocation of capital, unless there are serious arguments.
He also said that REPO test was "quite positive" in preparation for tightening policy.
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