Fed is worried about froth and frenzy all over markets: JPM's Kelly

J.P. Morgan Asset Management's David Kelly, Mona Mahajan of Allianz Global Investors and Jim Caron from Morgan Stanley, discuss the Fed's latest rate decision and where the economy goes from here. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

CNBC’s Steve Liesman asked Powell another question about speculative stock trading and if he thought the Fed’s actions could be causing instability in the equity market. The central banker said he did not think that monetary policy was the main factor in frothy trading.

“There are many things that go into, as you know, setting asset prices. If you look at what’s really been driving asset prices in the last couple of months, it isn’t monetary policy,” Powell said. “It’s been expectations about vaccines, and it’s also fiscal policy.”

“The connection between interest rates and asset values is probably something that’s not as tight as people think because a lot of different factors are driving asset prices at any given time,” the Fed chair added.

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