Powell Sworn In As New Fed Chief

Jerome Powell President Donald Trump's nominee for chairman of the Federal Reserve sits in the audience before being called to testify during a Senate Banking Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington Tues

Jerome Powell will be sworn in as chair of the Federal Reserve on Monday.

He is the 16th President of the US Central Bank.

People who have worked with 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. But investors now worry the Fed could raise rates faster than expected because of inflation fears.

He has steadily supported Ms Yellen's approach to monetary policy and financial regulation, creating an expectation that he would be unlikely to attempt large or sharp changes in the Fed's course.

Although Powell has indicated he is in favor of retaining the Dodd-Frank reforms which came after the financial crisis, in January 2017 he urged the U.S. Congress to rewrite the Volcker Rule, which restricts banks from proprietary banking, to benefit smaller banks.

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Cavaliers general manager Koby Altman knew he had to do something before the NBA's trade deadline expired Thursday afternoon at 3. The Minnesota Timberwolves put up big numbers offensively, but they couldn't stop one man in Cleveland on Wednesday-LeBron James.

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The rand is expected to find further support from a modest pace of hikes in U.S. interest rates. The USD/ZAR is now trading in a firm downtrend.

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But Pence is trying to keep the focus on North Korea's threatening behavior and continue to pressure the regime with sanctions. As he warns the world against falling for North Korea's diplomatic overtures around the Winter Olympics, U.S.

The new chairman also takes over the Federal Open Market Committee at a time when it has plenty of holes to fill.

Yellen, 71, could have chosen to remain a governor, since she was appointed to the board by President Barack Obama for an unexpired term ending in 2024.

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

He studied politics at Princeton University, before earning a law degree from Georgetown University. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal. Trump has nominated Carnegie Mellon economist Marvin Goodfriend for one opening.

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