Federal Reserve Chairman Powell said on Wednesday that market expectations that the Fed would take action to calm the volatility could be wrong. When asked whether the Fed would intervene in response to the sharp decline in the stock market, Fed Chairman Powell said: "My answer is no, but I will give an explanation." Powell said at the meeting in Chicago: "I think the market is digesting the current situation, the market is coping with a lot of uncertainty, and that means volatility." Powell said that given the huge changes in US President Trump's tariff system, it is understandable that the market will encounter difficulties. He also explained that it was difficult to know in real time what caused the trouble. "I have had a lot of experience with major market volatility, such as bond markets. Often people form an idea and look back two months later and find that the original view was completely wrong. So it's too early to determine what's going on in the market now." For now, he noted that the market turmoil stems from hedge funds cutting leverage or debt, adding: "In the short term, you may continue to see volatility in the market."