With Jay Powell sworn in as the new Fed chairman at 9am on Monday now that Janet Yellen has moved on to greener pastures over at the blogging department at Brookings, the former banker issued a video statement on the Fed's website in which he reiterated that the Fed will support continued growth and price stability:

"Today, unemployment is low, the economy is growing, and inflation is low," Powell said, adding that "Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability."

In an apparent reference to the recent market turbulence, Powell said that “my colleagues and I will remain vigilant, and we are prepared to respond to evolving risks" and assured Americans that "our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago. We intend to keep it that way."

That assumption may very soon be tested.

The video of Powell's statement can be found here, and the transcript is below: