The possibility of 1,000-point daily swings in the Dow Jones Industrial Average is the “new reality” for a while, he said. “I think of this as a normalization. It doesn’t feel good in the short term, but it’s OK over the long term.”
Republican Senator Richard Shelby of Alabama said on Sunday that although the U.S. economy is doing the best “in years and years, if not in my lifetime,” the central bank “is the backbone, is the bedrock” of the U.S. financial system and is set up to be independent.
“I don’t believe blaming the Federal Reserve for this or that -- whoever the president or a congressman or a senator is -- helps matters,” Shelby, a member of the Senate banking committee, said on CBS’s “Face the Nation.” “I think Chairman Powell, myself, is doing a good job.”
This article was provided by Bloomberg News.