The Fed launched unprecedented support when the coronavirus pandemic hit the United States earlier this year, slashing interest rates and unleashing asset purchases which has pushed bond yields to lows and sent equity prices to record highs.
Still, Powell said the decade-long U.S. economic expansion, which ran prior to the pandemic hitting growth, had included both quantitative easing and low interest rates but was “notable for the lack of the emergence of some sort of a financial bubble.”
https://www.reuters.com/article/us-usa-fed-markets/fed-defends-pedal-to-the-metal-policy-and-is-not-fearful-of-asset-bubbles-ahead-idUSKBN2673MY
September 17, 2020