Powell Sworn In As New Fed Chief

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

Federal Reserve Chair Janet Yellen, the first woman to head the nation's central bank, got a boisterous send-off from Fed staff, but she isn't taking any time off.

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University. So far he was one of governors of central Bank of United States and officially takes over front to replace Janet Yellen with markets under pressure for fear that it is obliged to withdraw monetary stimulus faster than anticipated.

"Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability", he said on the Fed's website.

Married with three children, he worked at the treasury under Mr Bush before going to Carlyle. However, The Wall Street Journal reported that she chose to leave for a position at a fiscal think tank.

In his video message, Powell did not mention the current turbulence in financial markets, which sent stocks plunging on Friday. In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases.

TSX closes at 14-week low on hawkish Fed, lower gold prices
Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored decliners. UPS was down 6.1 per cent after it reported fourth-quarter profit that was hurt by higher holiday season shipping costs.

Does Office Vacancy Rates Support a Patriots Super Bowl Win?
It didn't take long for the video, posted to Facebook by Parks' father on Tuesday night, to go viral. Meanwhile, her parents are trying to find flights to Minneapolis.

Designate Moe backs Notley in BC pipeline dispute
Legally, the dispute is not as black and white as the duelling NDP governments suggest, Adams said. He said he will establish an independent scientific advisory panel to study the issue.

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

"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much".

President Donald Trump, who praised Yellen's performance, decided against offering her a second term and instead tapped Fed board member Jerome Powell. The oath was administered by Vice Chairman Randal Quarles.

"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.

Related news:

Hot News

isis-killer-beheading-video-story-top Amazon Prime Exclusive phones will no longer feature ads
Feb 07, 2018 - 01:38
Amazon's Prime Exclusive Program launched in 2016 with the Motorola Moto G and the BLU R1 HD, both of which had lock screen ads. Currently, Android phones on the Amazon Prime Exclusive Phones program display Amazon deals and offers on their lock screens .

isis-killer-beheading-video-story-top Super Bowl ad kicks off major Tourism Australia campaign
Feb 07, 2018 - 01:36
This isn't a movie", says Danny McBride to Chris Hemsworth in an ad, shutting down ideas for a sequel to Crocodile Dundee . THE Territory's own megastar Chris Hemsworth has put his support behind making a new Dundee movie.

isis-killer-beheading-video-story-top Amtrak train on wrong track in fatal S. Carolina crash
Feb 07, 2018 - 01:36
The Amtrak train was supposed to continue south on the main track, but a switch diverted it to the siding. The others appeared to have minor injuries that would not require further hospital treatment.

isis-killer-beheading-video-story-top LeGarrette Blount takes amusing jab at Brett Favre over Super Bowl wins
Feb 06, 2018 - 04:57

isis-killer-beheading-video-story-top Zidane explains why Real Madrid did not sign any players in January
Feb 06, 2018 - 04:52

isis-killer-beheading-video-story-top Arsenal Player Ratings vs Everton: Emphatic Gunners thrash hapless Toffees
Feb 05, 2018 - 03:04
He was always popping up in little pockets of space and from there he was very direct in attacking Everton . Overall I believe that for that quality of striker is, on today's market, a reasonable price.

isis-killer-beheading-video-story-top Israel legalises outpost after settler shot dead
Feb 05, 2018 - 03:03
Raziel Shevah, 35, was shot dead from a passing vehicle as he drove near his home in the unauthorised settlement last month. The Israeli cabinet met Sunday morning and approved a proposal legalizing the Havat Gilad outpost in the West Bank .

isis-killer-beheading-video-story-top Wedding bells for John Stamos
Feb 05, 2018 - 03:03
The cute pair tied the knot in front of 50 guests at the Little Brown Church in Studio City, CA that afternoon. However, the couple's wedding weekend didn't exactly go off as planned.

Washington will consider placing franchise tag on Kirk Cousins
Feb 05, 2018 - 03:02
Washington is moving on from Cousins because it just traded with the Chiefs for Alex Smith . "There's a couple guys out there". Mary Kay Cabot of the Cleveland Plain Dealer agrees that Minnesota would be a "prime location" for the impending free agent.

isis-killer-beheading-video-story-top At Least Two Dead After US Train Collision
Feb 05, 2018 - 03:02
Amtrak is working to take care of everyone who was on the train, including family members of our passengers and crew. The Amtrak train, which was operating between NY and Miami, had 139 passengers and eight crew members on board.

isis-killer-beheading-video-story-top Danny Murphy says Mahrez has outgrown Leicester
Feb 05, 2018 - 03:02
Puel only has one injury concerning him for the visit of the Swans with captain Wes Morgan ruled out with a hamstring strain. There have been numerous exits from the King Power Stadium throughout the January transfer window .

isis-killer-beheading-video-story-top Black History Month Opening Ceremony Inspires, Challenges
Feb 03, 2018 - 07:22
Woodson Lyceum has numerous events lined up to commemorate Black History Month. Woodson Annual Soul Food Feast in Marshall's Memorial Student Center, the Dr.

isis-killer-beheading-video-story-top Justin Timberlake conspiracy: Will he go 'N SYNC for Super Bowl halftime?
Feb 03, 2018 - 07:05
He added: "I always knew I always wanted to write a song for him, but I didn't know it was going to be a song to him". He asked Timberlake if the Super Bowl's star celebrity attraction would want his son Silas to play football someday.

isis-killer-beheading-video-story-top Russian speed skater Graf rejects Olympics invitation to compete as neutral athlete
Feb 02, 2018 - 00:12
Russian athletes won't be allowed to display the flag in Pyeongchang, or to celebrate with Russian flags given by fans. The42 has just published its first book, Behind The Lines, a collection of some of the year's best sports stories.

isis-killer-beheading-video-story-top Ben Simmons' All Star hopes given second lease of life
Feb 01, 2018 - 00:53
Alas, Detroit big man Andre Drummond was given the nod, and deservingly so. "No [t] sure why Jaylen brown is confused", he wrote. James and Westbrook are also the only two players to do that for a full season at all in the last 10 years.