Jerome Powell sworn in as new US Federal Reserve chair

Robyn Valdez
February 7, 2018

Jerome Powell succeeds Janet Yellen, who served for 14 years in Fed, last four as president.

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 U.S. economy after the financial crash of 2008. During his tenure and since being nominated by Trump in November to be lead the Fed, Powell has hewn close to former chief Janet Yellen's policies.

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"Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability", he said. "I'm not able to think of a human activity that can be simplified in an equation", he commented in one of his speeches before he was appointed as central bank's leader.

"I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago".

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He studied politics at Princeton University, before earning a law degree from Georgetown University. He held position of Governor of Federal reserve since 2012, was a partner of Carlyle Group Investment Fund and served in Treasury with Republican George Bush Padre.

"Today, unemployment is low, the economy is growing, and inflation is low", he said. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen.

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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. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels.

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