Jerome Powell takes oath as sixteenth president of the Fed

10 February, 2018, 06:56 | Author: Sheri Evans
  • The 4.1% rout in the S&P 500 index on Monday the steepest decline since 2011 poses more questions than answers so far for Jerome Powell and his team

Her last day at the Fed was Friday. She had submitted her resignation from the board of governors of the Federal Reserve in November after Trump, in a break with tradition, did not reappoint her. Trump instead nominated current Federal Reserve Governor Jerome Powell to take over as head of the central bank.

Jerome Powell was sworn in Monday as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed's board room.

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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.

Powell's term as a member of the Fed's board will end January 31, 2028.

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

"My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks".

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Continuing in the same direction, however, may be a challenge for the new governor. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising. 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. With the departure of Yellen in the seven-member committee, there are a total of 4 vacancies. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen.

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