Jerome Powell swears as president of the Federal Reserve with fearful markets

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

"We intend to keep it that way". "I'm not able to think of a human activity that can be simplified in an equation", he commented in one of his speeches before he was appointed as central bank's leader.

Trump to talk "America First" at Davos, as his Fed nominee wins Senate approval The Senate has approved Jerome Powell to be the next chairman of the Federal Reserve, as President Trump heads to an economic conference in Davos, Switzerland, where he will ask countries to invest "in the good ol' US".

Jon Faust, a professor of economics at Johns Hopkins University who worked with Mr Powell at the Fed, said he had endeavoured to understand monetary policy and had demonstrated a strong grasp of the subject.

Although expansion progressed progressively over past nine years, inflation remained mysteriously low, as Powell acknowledged.


"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. He did not mentioned the stock market turbulence of the past week, which culminated in record falls on the day he was sworn in. In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases. Economists widely expect the Fed to hike interest rates three times this year, with the first coming in March. Her final act at the agency, imposing a consent order on Wells Fargo for its phony-accounts scandal, dealt a huge blow to the bank.

If rates go up, investors might be more interested in putting ir money in bonds than in stocks.

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.

In his remarks, Powell praised Yellen as the most qualified person to hold the job of Fed chair in the central bank's history.

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