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While detailing the cross currents and conflicting signals in the US economy, Fed’s Chair Jerome Powell on Tuesday mentioned financial markets before the economy.  

That is a clear sign that the Fed’s top priority now is preventing another plunge in the stock market like the one in December.

“Keeping asset prices elevated is officially the #3 mandate of the Federal Reserve,” Bleakley Financial Group chief investment officer wrote in a note to clients, according to Bloomberg.