Jerome Powell officially takes over the US Federal Reserve

Posted February 07, 2018

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

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.

Both Janet Yellen and Ben Bernanke were struggling with an economy with low inflation and low interest rates, which strongly supported the stock market. Current chair Janet Yellen's term is set to end on February 3, the reports.

Yellen was the first woman and the fourth Jew to serve as Fed chair. "We intend to keep it that way", Powell said.

In his confirmation hearing before the Senate Banking Committee in November, Powell indicated that he would continue the gradual monetary policy normalization strategy laid out by his predecessor Yellen.

Yellen, 71, could have chosen to remain a governor, since she was appointed to the board by President Barack Obama for an unexpired term ending in 2024.

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But Mr Faust said it might be particularly important to have a trained economist as chairman if there was another recession. "I've found him to be a very thoughtful policymaker".

The has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank in 2004.

Mr Powell, who regularly commutes to the Fed by bike, was born in the Washington DC area.

He is a Republican with deep roots in the party's establishment and in the financial industry.

With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen.

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