Yellen disappointed not to get a second term as Fed chair

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President Donald Trump picked Powell after deciding to break with recent tradition and not offer Yellen a second four-year term.

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.

"Today, unemployment is low, the economy is growing, and inflation is low".

"Through our monetary policy decisions", he says, "We will support continuation of economic growth, a healthy labor market and stable prices". "I'm not able to think of a human activity that can be simplified in an equation", he commented in one of his speeches before he was appointed as central bank's leader.

Some of Powell's comments on Tuesday, after he was approved by the Senate, indicate he may be somewhat looser on bank regulation than his predecessor, matching campaign promises the president made to voters in 2016, which focused heavily on deregulation as a means to create growth in the USA economy. He did not mentioned the stock market turbulence of the past week, which culminated in record falls on the day he was sworn in.

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"I've worked with Gov. Powell for five years, very constructively", Yellen said.

"I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago".

With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen.

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University.

The former lawyer will be the first Fed chair without an extensive background in economics since G William Miller in the late 1970s. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels. But he said he and the other Fed officials will "remain vigilant and we are prepared to respond to evolving risks".

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