The Return to Normal Risk

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Jay Powell started work as Federal Reserve chairman on Monday, and stocks promptly fell by the largest single-session point decline on record—1175 points, or 4.6% on the Dow Jones Industrial Average. No doubt this wasn’t anything personal, but the ugly market plunge Friday and Monday is a signal of the trouble Mr. Powell may have unwinding a decade of Fed interference with bond markets to boost risk assets.

The paradox of the equity-market correction is that it’s taking place even as the real economy looks stronger than it’s…



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