New Fed Chair Powell Says Bank Alert To Any Financial Stability Risks

New Fed Chair Powell Says Bank Alert To Any Financial Stability Risks

Despite Bannon's affinity for Yellen, he said he went along with Trump's pick of Powell.

He is scheduled to deliver his first semi-annual testimony to Congress on February 28 and will hold his first press conference as chairman after the Fed's policy meeting in March.

The remarks were part of his ceremonial swearing in at the USA central bank.

Meanwhile, the market turbulence this month "will worry them and induce considerable hand-wringing", UBS economist Seth Carpenter said in an essay that asked whether Powell would delay a March rate hike to steady financial markets.

Federal Reserve Bank of New York President William Dudley last week called the share shakeout "small potatoes", while Cleveland Fed President Loretta Mester said on Tuesday that the turmoil hadn't affected her economic outlook or her support for further interest-rate increases.

Last week, the U.S. Congress passed and President Donald Trump signed into law a temporary spending deal expected to push budget deficits past $1 trillion annually with new military and domestic outlays.

He officially took over the helm of the Fed last week, replacing Janet Yellen, the only woman ever to lead the central bank in its 100-year history.

Cleveland Fed president Loretta Mester said on Tuesday at an event in OH that the economy will work through the market turbulence.

Powell said the Fed had made "great progress in moving much closer" to its goals of full employment and stable prices since he joined the central bank as a governor in 2012.

"It is going to be important to evaluate how firms and households are responding". "We will remain alert to any developing risks to financial stability". "I am not anticipating it".

He also reiterated that the central bank will continue gradually raise interest rates and rewind its balance sheet, against the background of strong global recovery.

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