Jerome Powell Takes Oath as Fed Chief

Dow Jones falls the most in a day since 2008 financial crisis triggers losses in Asian markets

Toru Hanai Reuters

However, the yields on government bonds are now at several-year highs, and the stock market ended Friday's extremely hard week in which Dow Jones lost 666 points on Friday.

"Today, unemployment is low, the economy is growing, and inflation is low".

The President Donald Trump chose not to extend Yellen term and instead turned to Powell, who is widely believed to continue on the Fed's current path. His nomination was approved by the Senate earlier this month for a four-year term as chairman that will end in February 2022.

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Powell vowed to explain "what we are doing and why we are doing it". The Federal Open Market Committee, the bank's policymaking arm, took its key overnight interest rate target to near-zero in late-2008 and left it there for seven years. The plan at this time is three rate increments in 2018.

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. He graduated in politics from Princeton and in law by Georgetown.

People who have worked with Mr Powell say he studied economics assiduously after joining the Fed, gathering stacks of papers on the questions of the day, then reading and discussing the findings with colleagues.

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He also also held assistant secretary and undersecretary roles at the Treasury Department, and served as a lawyer and an investment banker in New York City.

Mr Powell is a former partner at private equity firm Carlyle, while he also served in the treasury under former president George H W Bush in the 1990s.

But as a Republican nominated by President Trump, Powell has said he supports easing some financial oversight, particularly for small- and medium-sized banks.

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