2/5/2018, 3:11 PM (Source: TeleTrader)
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Powell sworn in as Fed chair

Jerome Powell was sworn in as the chairman of the Federal Reserve on Monday, the United States central bank announced. According to the statement, Powell's oath was administered by Fed's Vice Chairman Randal K. Quarles.

"Jerome H. Powell on Monday took the oath of office as Chairman of the Board of Governors of the Federal Reserve System, succeeding Janet L. Yellen," Fed said.

In November 2017, US President Donald Trump nominated Powell for the position and the Senate approved the nomination in January. Powell is set to serve as the Fed chair until 2022, while his term as a Fed Board member ends in January 2028.

Baha Breaking News (BBN) / NP