Federal Reserve Chair Jerome Powell made clear on Wednesday that the central bank isn’t preparing to intervene in financial markets, even as stocks slide and uncertainty mounts. Markets, he said, are just fine.

The Dow Jones and S&P 500 traditionally appreciate — literally — when the Federal Reserve cuts interest rates. Indeed, though the Fed operates autonomously, there is often political pressure from presidents hoping for bull markets to advocate for rate cuts.

The senator said an independent Fed is crucial for the US and global economic stability.