Federal Reserve Chairman Jerome Powell has stated that financial markets are functioning and orderly, despite the high level of uncertainty currently affecting them. Powell emphasized that markets are performing as expected under these conditions. Powell also noted that there has been some deleveraging by hedge funds, which could contribute to continued market volatility. He reassured that the Federal Reserve stands ready to supply dollars to global central banks if there is a shortage, indicating the Fed's preparedness to manage potential disruptions. Regarding the Fed's monetary policy, Powell mentioned that reserves are still abundant and the Fed is not close to stopping its balance sheet runoff. He highlighted the challenges of making decisions if the Fed's mandates come into conflict, and warned that structurally higher risks could make the U.S. less attractive for investment.