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The recent stock market correction wasn't caused by exchange-traded funds, the Fed chair says. (Photo: Shutterstock)

(Bloomberg) – To those looking to blame exchange-traded funds for the market correction earlier this month, Federal Reserve Chairman Jerome Powell says they’re mostly innocent.

“We looked carefully to try to understand really what did happen and it seems the markets were generally orderly through almost all of that time,” Powell said during testimony to Congress Tuesday. “ETFs are a particular form of fund and I don’t think they were particularly at the heart of what went on on those days.” 

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