Powell sworn in as Fed chairman

Trump to talk "America First" at Davos, as his Fed nominee wins Senate approval The Senate has approved Jerome Powell to be the next chairman of the Federal Reserve, as President Trump heads to an economic conference in Davos, Switzerland, where he will ask countries to invest "in the good ol' U.S.".

Fed critics say the central bank purposely pushed up the stock market in an effort to create a wealth effect that officials hoped would spill over into the broader economy.

"Today, unemployment is low, the economy is growing, and inflation is low", he said.

Outgoing Federal Reserve chair Janet Yellen said United States stocks and commercial real estate prices are elevated but stopped short of saying those markets are in a bubble. "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. 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.

"My colleagues and I at the Federal Reserve will put everything we have into serving you and our country with objectivity, independence, and integrity", Powell said in a prerecorded introduction video. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen.

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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.

Yellen was the first woman and the fourth Jew to serve as Fed chair.

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.

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

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