Jerome Powell sworn in as new US Federal Reserve chair

by Susie Olson February 7, 2018, 1:37
Jerome Powell sworn in as new US Federal Reserve chair

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, Powell has praised the approach the central bank has taken under Yellen, specifically the gradual raising of interest rates and the slow chipping away of the $4.5 trillion balance sheet that the Fed amassed to support the USA economy after the financial crash of 2008.

Some of Powell's comments on Tuesday, after he was approved by the Senate, indicate he may be somewhat looser on bank regulation than his predecessor, matching campaign promises the president made to voters in 2016, which focused heavily on deregulation as a means to create growth in the U.S. economy.

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.

Apple iPhone X Shipments Surpassed Expectations Despite Weak Sales Reports
Apple has been reminding its fans consistently that the iPhone X is the greatest piece of smartphone technology in the world. Apple will be contacting customers via email who may have paid for a fix related to this issue to arrange for reimbursement.

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. He brings a background in financial markets, a contrast with Ms Yellen and her predecessor, Ben S Bernanke.

"I would have liked to serve an additional term and I did make that clear, so I will say I was disappointed not to be reappointed", Yellen told "PBS NewsHour" on Friday.

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

One of the worries from the market is that the Fed, under Powell, will accelerate its interest rate hikes, undermining the momentum of a bullish market. On Monday, she joined the Brookings Institution think tank as a distinguished fellow in residence in the economic studies program. "He is thoughtful, balanced, dedicated to public service".


TOP News

Arun Jaitley's Budget 2018: What does it say for urban India?
Allocating Rs 5.97 lakh crore to improve India's infrastructure is a firm step towards bringing it at par to Asian levels. Given an election-heavy calendar, allocations have risen for agriculture, healthcare and education sectors, experts felt.

Could Browns work an overly complicated sign-and-trade for Kirk Cousins?
However, tagging Cousins would add further complications, since Washington could not trade him until he signs the franchise tag. The Redskins want to franchise tag Kirk Cousins so they can trade him, according to a report .

Ruckus in J&K House over fatalities in Pak firing
It may be recalled that four Army personnel including a Captain were martyred on Sunday in ceasefire violation by Pakistan. More than 14 people have been killed in Pakistani shelling on the LoC and the global border since January 17.

Amazon's Net Income Jumps 153% in Fourth Quarter
However, net sales in the segment grew to Dollars 18.03 billion in the fourth quarter, from USD 13.96 billion a year ago. For the fourth quarter ended December, the company posted a net profit of $1.86 billion on net sales of $60.5 billion.

Google Honors The 'Father Of Black History' Carter G. Woodson With Doodle
Students at Gaston Middle School on Thursday kicked off Black History Month with a presentation that was at times solemn, but also educational, energetic and musical.

Stocks Post Biggest Drop of New Year
Express Scripts, McKesson, Humana, Cigna, UnitedHealth , CVS Health and Centene were down between 5.3 percent and 7.2 percent. Declining issues outnumbered advancing ones on the NYSE by a 4.65-to-1 ratio; on Nasdaq, a 2.16-to-1 ratio favored decliners.

Trump delivers remarks at the GOP retreat
Mark Meadows , R-NC, the chairman of the House Freedom Caucus, said he was puzzled that the issue is not on the retreat's agenda. Trump said that his immigration framework was "generous" and even "flexible" but warned Democrats about making more demands.

John Stamos Marries Pregnant Fiancée Caitlin McHugh
This is John's second marriage - he was previously Wednesday to actress Rebecca Romijn from 1998 to 2005. The two are also expecting their first child together later this year.

Swat attack: Army Chief attends joint funeral prayer of 11 martyrs
Pakistan's prime minister condemned the attack and promised to continue fighting against the terrorist groups. Government sources said rescue teams reached the area and shifted the injured to a hospital in Saidu Sharif.

Waste Management Phoenix Open: A beginner's guide
If you've never been to the Phoenix Open, let's just say it's unlike any other PGA Tour event you'll ever experience . After two weeks in the desert, the European Tour makes its way to Malaysia for the Maybank Championship.