Powell sworn in as Fed chief pledging to explain policy moves

07 February, 2018, 01:40 | Author: Manuel Hopkins
  • Powell sworn in as Fed chief pledging to explain policy moves

Comptroller of the Currency Joseph M. Otting issued the following statement congratulating outgoing Chair of the Board of Governors of the Federal Reserve System Janet L. Yellen.

"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.

"If we were to face another period where you need innovative and creative leadership, Jay has a lot of skills, and it could still go OK, but you'd like to add to those skills a lifetime of studying monetary policy".

Powell's premiere at forefront of world's most powerful central bank is not easy to show. However, The Wall Street Journal reported that she chose to leave for a position at a fiscal think tank. 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. Yellen said the economy can continue to grow.

MFs fear inflows could fall by 50% if market mayhem continues
Notable gainers were, Bharti Airtl 4.74 per cent, ITC 2.07 per cent, Tata Motors 2.03 per cent and PowerGrid 1.92 per cent. Considering the fall is driven by global factors, investors should stay long in Indian markets, said experts.

"I've worked with Gov. Powell for five years, very constructively", Yellen said. The big challenge, refore, is to maintain a balance that prevents economy from overheating or a recession. The US Treasury, in turn, is borrowing more money for tax cut, causing more bonds circulating on market and that leads investors to ask for higher rates to make it profitable to buy m. Inflation is also bad for bonds.

President Donald Trump picked Powell after deciding to break with recent tradition and not offer Yellen a second four-year term. The oath was administered by Vice Chairman Randal Quarles.

However, In 2017, Powell also said he wanted to preserve core pieces of the 2010 Dodd-Frank regulatory law, which he helped to implement, that includes strong capital requirements and annual stress tests for banks, the reports.

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