Jerome Powell officially takes over the US Federal Reserve

Feb 07, 2018, 01:37
Jerome Powell officially takes over the US Federal Reserve

Janet Yellen said she was disappointed that President Donald Trump did not keep her on for a second term as Federal Reserve Chairwoman.

But as a Republican nominated by President Trump, Powell has said he supports easing some financial oversight, particularly for small- and medium-sized banks. He starts today as chairman of the Fed.

Outgoing Federal Reserve chair Janet Yellen said United States stocks and commercial real estate prices are elevated but stopped short of saying those markets are in a bubble. The financial system, he says, is now "stronger and more resilient than before financial crisis that began a decade ago".

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Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University. He is the 16th President of the US Central Bank. According to Josh Zumbrun, national economics correspondent for the Wall Street Journal, that story spans multiple presidencies and involves feuding congressmen, a formula to set monetary policy and the Swedes. 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. In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases.

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

With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels. The oath was administered by Vice Chairman Randal Quarles. "We know that our decisions matter to families and businesses", he said, "we adopt m objectively, based only on best available evidence".