Bulls still in charge amid market volatility

THE bulls are back in the driver's seat.

US stocks finished a volatile week with slight gains after a statement from the Federal Reserve indicated that the central bank does not consider recent stock-market volatility to be anything of significance to the financial system.

Investors started the holiday-shortened week on high alert as Treasury yields rose to four-year highs, in what was seen as a foreshadowing of a more aggressive Fed raising rates several times this year.

But the Fed's statement late last week, a teaser of new chairman Jerome Powell's first congressional testimony in the coming days, reflected little concern about inflation or moves in the Treasury and stock markets.

Joe Kinahan, chief market strategist at brokerage TD Ameritrade, said that the rate fears were somewhat ludicrous, given the historically low level of interest rates and the wiggle room the Fed has before hikes could possibly choke off econo…