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Powell sworn in as Fed chairman

Powell sworn in as Fed chairman

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.

In his video message, Powell did not mention the current turbulence in financial markets, which sent stocks plunging on Friday. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising.

Jerome Powell succeeds Janet Yellen, who served for 14 years in Fed, last four as president. His nomination was approved by the Senate earlier this month for a four-year term as chairman that will end in February 2022.

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. The plan at this time is three rate increments in 2018.

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Another challenge is from Yellen's final regulation act.

"We want regulations to be the most intense and most stringent for the very largest, most complex institutions and decrease in intensity, stringency as we move down" to regional and community banks, Powell said in the hearing, before the Senate Banking Committee. He voted along with Yellen on Friday to order Wells Fargo & Co.to cap its growth and improve its corporate governance in the wake of the bank's unauthorized accounts scandal. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels. He graduated in politics from Princeton and in law by Georgetown.

He was a partner at the investment firm Carlyle Group from 1997 through 2005.

But as a Republican nominated by President Trump, Powell has said he supports easing some financial oversight, particularly for small- and medium-sized banks.


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