Fed nominees Clarida and Bowman have been testifying
Fed nominees Clarida and Bowman have been testifying before the Senate Banking Committee over the course of the morning. Richard Clarida has been tapped to be vice chairman and Michelle Bowman a member of the board. They've mostly been ticking the right boxes, with Clarida touching on the topics of broader measures of employment, quantitative easing, capital rules, balance sheet reduction and financial regulations. He did suggest that the activities of Wells Fargo are "egregious and unacceptable," while ongoing stress testing of banks remained vital. Clarida also noted that stock market volatility is not the pillar of monetary policy. Meanwhile the VIX equity volatility index is up 12.9% near highs of 14.66, having snapped back from lows of 12.50 with the 0.8-1.0%slump on Wall Street.