Jerome Powell takes oath as sixteenth president of the Fed

Jerome Powell takes oath as sixteenth president of the Fed

Federal Reserve Chairman Jerome Powell, minutes after being sworn in as the central bank's 16th leader, pledged to support continued growth and price stability, while emphasizing a commitment to better communication with the public.

Powell, 65, took the oath of office at 9 a.m. ET, succeeding Janet Yellen, who left the position Friday after serving a four-year term.

One of the market worries is that the Fed, under Powell, will accelerate its interest rate hikes, undermining the momentum of a bullish market. The President Donald Trump chose not to extend Yellen term and instead turned to Powell, who is widely believed to continue on the Fed's current path.

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With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen. Powell's current term as a Fed board member does not end until January 31, 2028. Among her colleagues at the Hutchins Center is Ben Bernanke, her predecessor at the Federal Reserve.

Powell, born in 1953 in Washington, D.C., also serves as chairman of the Federal Open Market Committee, the system's principal monetary policymaking body.

He received a bachelor degree in politics from Princeton University and a law degree from Georgetown University. The Fed board signed off on the consent order by a 3-0 vote, with Powell supporting the move. Trump has nominated Carnegie Mellon economist Marvin Goodfriend for one opening.

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