Powell sworn in as Fed chief pledging to explain policy moves

Trump to talk 'America First' at Davos, as his Fed nominee wins Senate approval

Prior to his confirmation, Powell served as a member of the Board of Governors.

"Through our monetary policy decisions", he says, "We will support continuation of economic growth, a healthy labor market and stable prices".

The has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank in 2004. 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.

Powell, a Republican who succeeded Janet L. Yellen, also said he was committed to "explaining what we're doing and why we are doing it" as the central bank works to sustain the ongoing economic recovery and oversee some of the nation's largest financial institutions.




Powell also said that the "financial system is now far stronger and more resilient than it was before the financial crisis". The Federal Open Market Committee, the bank's policymaking arm, took its key overnight interest rate target to near-zero in late-2008 and left it there for seven years. "We intend to keep it that way", Powell said.

Yellen's final act at the Fed was to hit one of the largest USA 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. He graduated in politics from Princeton and in law by Georgetown.

With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen. During his tenure and since being nominated by Trump in November to be lead the Fed, Powell has hewn close to former chief Janet Yellen's policies.

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

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