Update: Fed's Powell says Fed ready to act if funding pressures mount

Fed's Powell, a votig FOMC member with a neutral stance, is crossing the wires via Reuters, noting that Brexit vote has shifted global risk further to the downside, adding that it has the potential for new headwinds for the US and other countries.

Additional headlines - via Reuters

Says Fed ready to act if funding pressures mount, though markets so far functioning in an orderly manner

Too early to judge effects of brexit, important for fed to assess policy implications so that US continues progress on jobs, inflation goals

Says global economic and financial conditions particularly important for US at this time

Possible loss of momentum in labor market is "worrisome"

Watching inflation expectations closely, essential they remain anchored for Fed to reach 2 percent target

His baseline expectation is US economic growth of around 2 percent, ongoing job creation and move of inflation to target

Says fallout from financial crisis may have lowered both US growth and long-run potential