Powell sworn in as Fed chief pledging to explain policy moves

Powell sworn in as Fed chief pledging to explain policy moves

Powell, 65, also said the Fed would continue to remain "vigilant" in guarding financial stability while working to make regulation "efficient as well as effective".

Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System on Monday, for a four-year term.

Powell succeeds Janet Yellen, the first woman to lead the nation's central bank in its 100-year history.

One of the market worries is that the Fed, under Powell, will accelerate its interest rate hikes, undermining the momentum of a bullish market.

"I'm delighted to be joining the Brookings Institution", said Yellen in a statement.

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Mo Salah is very unlucky not to be running away with the Premier League Player of the Year this trophy so far. If I have to say something, I'll say I'm happy at Liverpool ", he added. "And I am now".

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.

Continuing in the same direction, however, may be a challenge for the new governor.

Both Yellen and Ben Bernanke before her dealt with a low-inflation, low-interest-rate economy that gave rise to a strong run in the stock market. 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.

"My colleagues and I at the Federal Reserve will put everything we have into serving you and our country with objectivity, independence, and integrity", Powell said in a prerecorded introduction video. Trump has nominated Carnegie Mellon economist Marvin Goodfriend for one opening.

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