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.

Drake Gives Over $125000 to Strangers for ''God's Plan'' Music Video
Among the items Drake gifted were baking supplies and, apparently at the rapper's insistence, beer. He told me that he had to run off to shoot the video.

"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.

Related News:

  • House Democrats face tough choice over budget deal and immigration

    The Democratic leader in the US House of Representatives has broken records with an eight-hour speech on the House floor. The 77 year old democrat delivered her marathon speech standing wearing 4-inch heels and sipping nothing but water.
    Analyst Buzz: General Motors Company (GM)

    Analyst Buzz: General Motors Company (GM)

    COPYRIGHT VIOLATION WARNING: This news story was first published by Week Herald and is the property of of Week Herald. Without charges, the company made $2.4 billion, or $1.65 per share, soundly beating analyst estimates of $1.39.
    Mother walks out after WR recruit Jacob Copeland picks Florida

    Mother walks out after WR recruit Jacob Copeland picks Florida

    In a turn of events, Copeland's mom returned to sign the letter and embraced her son as he sobbed on her shoulder. So when he picked up and donned the Florida hat, it was a bit of a surprise - especially to his mom.
  • Mena Native Named Wynn Resorts CEO Following Founder's Resignation

    Mena Native Named Wynn Resorts CEO Following Founder's Resignation

    The Las Vegas-based Wynn Resorts in a statement said Wynn's resignation Tuesday, Feb. 6, 2018, was effective immediately. Shares of Wynn Resorts have shed more than 18 per cent to date after the news broke on January 26.
    Three Palestinians killed by Israeli forces in West Bank

    Three Palestinians killed by Israeli forces in West Bank

    Israel had been looking for the final member of the cell which it said killed Rabbi Raziel Shevach in a drive-by shooting. Israeli forces earlier on Tuesday stormed Nablus , provoking Palestinian youths to take to the streets.
    Food nutrient linked to tumour growth, study shows

    Food nutrient linked to tumour growth, study shows

    The researchers believe that asparagine is used by cancers to spread around the body after the initial growth of a tumour. Researchers are now considering human trials to assess the impact of reducing dietary intake of asparagine.
  • Snapped: Aubameyang, Mkhitaryan and co train ahead of Tottenham showdown

    Snapped: Aubameyang, Mkhitaryan and co train ahead of Tottenham showdown

    "Once the game has started, these guys have top-level experience", Wenger said of Mkhitaryan and Pierre-Emerick Aubameyang. I can understand him from one step and hopefully for the next games we are going to achieve more ".
    J&K hospital firing: Conspiracy to free LeT militant hatched four months ago

    J&K hospital firing: Conspiracy to free LeT militant hatched four months ago

    All the terror outfits in Kashmir were operating in unison and there is no difference among them, he said. He said on the orders of the court Naveed was transferred from Kathua Jail to Srinagar central jail.
    Kylie Jenner FINALLY Announces Her Baby's Name AND Photo!!!

    Kylie Jenner FINALLY Announces Her Baby's Name AND Photo!!!

    Kim Kardashian may have more followers - but it seems like for now, her sister Kylie Jenner is the queen of Instagram . Tyga , 28, and Kylie had an off and on relationship for three years before ultimately calling it quits in April 2017.
  • Cavaliers, Clippers Seek Third Team For DeAndre Jordan Trade

    Cavaliers, Clippers Seek Third Team For DeAndre Jordan Trade

    This is surprising, as there are only a few hours left until the National Basketball Association trade deadline hits. He's a difference-maker, for sure, but he might not be enough on his own to take a team to contention status.
    Led strikes kill at least 100 pro-regime forces in Syria

    Led strikes kill at least 100 pro-regime forces in Syria

    A USA official told CNN that the attackers crossed the Euphrates armed with artillery and other weapons. Officials said no US troops were injured or killed. "Daesh" is the Arabic acronym for Islamic State.
    Strong natural disaster  rocks eastern coast of Taiwan

    Strong natural disaster rocks eastern coast of Taiwan

    There had been at least 15 aftershocks following the quake, Taiwan's weather bureau said. "We are just waiting to go to bed". The Ministry of Foreign Affairs and Trade said it had received no requests for consular assistance following the quake.


Most liked

FTB Advisors Inc. Reduces Position in Wal-Mart Stores Inc (WMT)
The retailer reported $1.00 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.97 by $0.03. It is flat, as 62 investors sold WMT shares while 508 reduced holdings. only 113 funds opened positions while 468 raised stakes.

NBA Team Trades Away Over a Third of Its Players
Cleveland wasn't alone in making moves before the deadline. "You shouldn't make a move just to make a move at the deadline". Former player: "The Lakers are the biggest winners, mainly because of what they can do this summer with that cap space".

Anadarko raises dividend payout, share buyback program
Bridgewater Associates Lp increased Illumina Inc (NASDAQ:ILMN) stake by 44,289 shares to 63,012 valued at $12.55M in 2017Q3. It improved, as 56 investors sold C shares while 400 reduced holdings. 67 funds opened positions while 130 raised stakes.

Patriots quarterback Tom Brady named NFL MVP
In 218 National Football League games, Randy Moss rang in over 15,000 receiving yards and hauled in 156 receiving touchdowns. Brady was among several New England players at the Pro Bowl and they were hanging around together in Hawaii before the game.

Military parade an exercise in wastefuleness
The United States has previously held military parades to mark the end of wars, most recently in 1991 after the the Gulf War. Paul Eaton, a senior adviser to the group, saying: "The military is not Donald Trump's to use and abuse in this way".

Look Who Finally Made a Profit? Twitter Shares Surge
During the fourth quarter analysts expected that the company would generate earnings in the amount of $0.14 per share. Video advertising grew as a precent of total revenue in the quarter, though Twitter did not say by how much.

South Korea's Moon to meet Kim Jong-un's sister at Winter Olympics
Following the launch from a site north of the capital, North Korean state media announced the November test was a success. Pence told reporters that part of the objective of his visit was to tell "the truth about North Korea at every stop".

ESPN Streaming Service an Upsell for Existing Pay TV Customers
CEO Bob Iger told CNBC on Tuesday he's "encouraged" about the prospects for regulatory approval of the company's mega-deal with. The second major feature of the app is live streaming of the regular ESPN networks, such as ESPN and ESPN2.

King Announces Lobster Emoji Officially Coming Soon
A formal request was submitted to the Unicode Consortium by King himself in September 2017, The Hill reported . King fittingly signed off the tweet with his name in emoji form: a cow for Angus and a crown for King.

Black Lives Matter Leader Shot Dead in New Orleans
The shooting is now being investigated and being ruled as a homicide. He was immensely gifted in so many ways. I can't believe Muhiyyidin is gone".

Snapchat shares skyrocket on first earnings beat with revived user growth
The business had revenue of $207.90 million during the quarter, compared to analysts' expectations of $236.71 million. The poor report included slowing user growth and a revenue miss, and showed no clear path to profitability.

Sony Announces All The New Features Coming To PS4 System Update 5.50
If you want to cut your kids' screen time, you can put restrictions on how long they can play or limit play time to certain hours. The system will send a notification to the child when playtime is coming to an end, giving them enough time to save progress.

White House says 'very comfortable' with economy despite market volatility
With a 1,175-point dive, the stock market on Monday delivered the largest single-day point drop in the market's history.

Bannon not expected to appear before House Intel Tuesday despite subpoena
President Donald Trump is lashing out at the top Democrat on the House Intelligence Committee, saying he "must be stopped". But he also expressed concern about "political redactions" the White House might make before the document is released.

Indianapolis Colts agree terms with Josh McDaniels to become head coach
The Colts likely want that same success with Andrew Luck , who was sidelined with a shoulder injury for the entire 2017 season. If McDaniels does decide to snub the Colts and stay with New England, it could leave the Colts scrambling to find a new coach.