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07 February 2018, 12:44 | Austin Hogan
Jerome Powell is taking over as the US Federal Reserve chairman. Joshua Roberts Reuters
Janet continued the tradition of excellence of Fed Chairs before her and set the bar very high for incoming Federal Reserve Chairman Jerome H. Powell.
"Today, unemployment is low, the economy is growing and inflation is low", Powell said.
He is the 16th President of the US Central Bank.
But how did Powell come to be nominated by President Donald Trump in the first place? His nomination was approved by the Senate earlier this month for a four-year term as chairman that will end in February 2022. "Me and my colleagues will remain vigilant and ready to respond to the developing risks", added he.
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.
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Powell succeeds Janet Yellen, the first woman to lead the nation's central bank in its 100-year history.
Yellen, who leaves her post on Saturday and will be replaced on Monday by Jerome Powell, made the comments in an interview with PBS television before the Dow closed down more than 650 points, its biggest drop since June 2016.
Another challenge is from Yellen's final regulation act. Her final act at the agency, imposing a consent order on Wells Fargo for its phony-accounts scandal, dealt a huge blow to the bank. 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.
With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen. He graduated in politics from Princeton and in law by Georgetown.
He also also held assistant secretary and undersecretary roles at the Treasury Department, and served as a lawyer and an investment banker in New York City.
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It's about earnings, not Treasury yields
Given the strength of the United States economy, the rise in yields to date has been quite modest and is likely to remain so. He previously wrote for The Washington Post and is the author of "The Alchemists: Three Central Bankers and a World on Fire".