Jerome Powell sworn in as 16th Fed chairman

Jerome Powell sworn in as 16th Fed chairman

Jerome Powell sworn in as 16th Fed chairman

Federal Reserve Chairman Jerome Powell, minutes after being sworn in as the central bank's 16th leader, pledged to support continued growth and price stability, while emphasizing a commitment to better communication with the public. Powell's current term as a Fed board member does not end until January 31, 2028.

Powell will deliver the Fed's twice-a-year monetary policy report to Congress and discuss the state of the US economy.

"I am honored to have this opportunity to serve the American people", said Jerome Powell. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising. "Me and my colleagues will remain vigilant and ready to respond to the developing risks", added he.

Powell, who has been on the Fed board since 2012, was tapped by Trump on November 2 after a highly public search for a new Fed chair. 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. Yellen's departure leaves four vacancies on the seven-member FOMC.

His predecessor Janet Yellen is the first chair of the Fed since World War II to serve only one four-year term, and also the first woman to hold that position.

During the 2016 presidential campaign, Trump alleged that Yellen kept interest rates low for political reasons to benefit Obama.

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