Powell sworn in as Fed chairman

Powell sworn in as Fed chairman

Powell sworn in as Fed chairman

Her last day at the Fed was Friday.

Powell vowed to explain "what we are doing and why we are doing it".

Before becoming Fed chair in 2014, Yellen had served as the central bank's vice chair and was president of the Fed's San Francisco regional bank. The financial system, he says, is now "stronger and more resilient than before financial crisis that began a decade ago".

Yellen noted that it has been common for Fed chairs to receive a second term even when they were first nominated by a president of the other party.

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University.

Stocks' slide tops worst week in 2 years
In oil markets, Brent LCOc1 fell 0.86 percent to $68.09 a barrel and US crude CLc1 dropped 0.76 percent to $65.07. There are speculations that the US Fed may turn hawkish, if inflation hits the target of 2 per cent growth.

"If the economy broadly behaves, I don't think it'll be of great effect", he said.

The new president of the Fed had previously worked in the Treasury department during the George Bush administration in the 1990s and up until now he was one of the central bank's governors. Hiring is healthy. And unemployment is at a 17-year low.

"If we were to face another period where you need innovative and creative leadership, Jay has a lot of skills, and it could still go OK, but you'd like to add to those skills a lifetime of studying monetary policy". The Fed is expected to continue gradually raising interest rates back toward more "normal" levels.

"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much". His term as Chairman is four years; his term as a member of the Board ends January 31, 2028.

Deep in the red, Stocks on Wall Street plunged on Monday, continuing their huge fall from Friday, as a pullback from record highs deepened and investors grappled with rising bond yields and possibly firming inflation. "We intend to keep it that way".

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