[Powell: The Federal Reserve is Closely Monitoring Potential Risks in the Private Credit Market] Federal Reserve Chairman Powell stated on Monday that the Fed is closely monitoring potential issues in the private sector. Speaking at Harvard University, he said regarding private credit, 'It accounts for a relatively small proportion within a vast asset system, and we are watching this area very closely.' Powell did not specify the current level of risk in this sector. He added, 'You won’t hear anyone say there are no problems here, as that would be an ominous sign.' Federal Reserve Chairman Powell: We currently do not see contagious risks in private credit. Conditions are not present for it to evolve into a broader systemic event.