Federal Reserve Chairman Jerome Powell said some financial market asset prices are high.
"In some areas, asset prices are elevated relative to their long run historical norms," said Powell during a press conference. "You can think of some equity prices. You can think of some commercial real estate prices in certain markets. But we don't see it in housing, which is key."
Powell said he doesn't see any significant risks in the current financial system. He cited how the banking sector has higher liquidity, less leverage, and lower risk taking compared to the financial crisis.
"So overall if you put all of that into a pie, what you have is moderate vulnerabilities," he said.