Jerome Powell officially takes over the US Federal Reserve

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

Powell, who has been on the Fed board since 2012, was tapped by Trump on November 2 after a highly public search for a new Fed chair.

What is Janet Yellen doing after concluding her historic four-year term as the first woman to chair the Federal Reserve?

The new Fed head faces an immediate challenge from the wobbly market, as USA stocks opened sharply lower Monday after a heavy sell-off Friday.

Powell, who was sworn in Monday, is the 16th person to hold the position. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels.

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As discussions continue, Ramaphosa says he will be able to report back to the organisation and the country in the "coming days". This week saw the postponement of the state of the nation address which was scheduled to take place on Thursday.

"I am honored to have this opportunity to serve the American people", said Jerome Powell. But he said he and the other Fed officials will "remain vigilant and we are prepared to respond to evolving risks". Among her colleagues at the Hutchins Center is Ben Bernanke, her predecessor at the Federal Reserve. Government bond yields, though, are now at multiyear highs, and the stock market is coming off a rough week that saw the Dow industrials lose 666 points Friday.

Powell vowed to explain "what we are doing and why we are doing it". With the departure of Yellen in the seven-member committee, there are a total of 4 vacancies.

Marvin Goodfriend, a Carnegie Mellon professor and former economist at Federal Reserve Bank of Richmond, was tapped to fill one of the still-vacant Fed board seats, but he has not been confirmed yet.

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