Powell Sworn In As New Fed Chief

Feb 07, 2018, 01:41
Powell Sworn In As New Fed Chief

President Donald Trump appointee, Jerome Powell, was sworn in Monday as chair of the Federal Reserve to take the reins of the central bank on a day American financial markets suffered heavy losses.

He has already served on the Fed's board for five and a half years.

The new Fed chairman, moderate Republican, believes that rules that follow monetary policy are practical in defining strategy, but y represent a very small part of analysis he needs to make to mark course.

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But Yellen said she supported the choice of Powell as her successor.

"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".

"As I begin my term, I want to stress my commitment to explaining what we're doing and why we are doing it", Powell said in a video message released Monday.

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The financial system is now "much better capitalized" and the banking system "more resilient" than they were entering the global financial crisis a decade ago, Yellen said.

The new Fed head faces an immediate challenge from the wobbly market, as USA stocks opened sharply lower Monday after a heavy sell-off Friday. But he said he and the other Fed officials will "remain vigilant and we are prepared to respond to evolving risks". In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases.

Yellen was the first woman and the fourth Jew to serve as Fed chair. Economists widely expect the Fed to hike interest rates three times this year, with the first coming in March.

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He studied politics at Princeton University, before earning a law degree from Georgetown University.

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