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Powell sworn in as Fed chairman

07 February 2018

Janet Yellen may have been replaced as Federal Reserve Chair, but she's not joining the ranks of the unemployed.

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

During the 2016 presidential campaign, Trump alleged that Yellen kept interest rates low for political reasons to benefit Obama. In a video message, Powell pledged to support continued economic growth and a healthy job market while remaining "vigilant" to any emerging economic risks. "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.

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The financial system is now "much better capitalized" and the banking system "more resilient" than they were entering the global financial crisis a decade ago, Yellen said.

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University. The Dow Jones index has lost 5% of its value since last record, after extending this Monday heavy falls that were seen on Friday, on last day of Yellen.

"I've worked with Gov. Powell for five years, very constructively", Yellen said. "Yes, it can keep going", she said.

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Yellen's final act at the Fed was to hit one of the largest United States banks, Wells Fargo & Co., with an unusual ban on growth that follows the San Francisco-based lender's pattern of consumer abuses and compliance lapses.

"Today, unemployment is low, the economy is growing, and inflation is low". The plan at this time is three rate increments in 2018.

If rates go up, investors might be more interested in putting ir money in bonds than in stocks.

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Powell sworn in as Fed chairman