Brian Chappatta, 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.

February 23, 2021 at 4:38 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

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.