US Senate confirms Jerome H Powell as next Federal Reserve chairman

The Wall Street Journal said Powell inherits an economy on the upswing fuelled by a booming labour market and strong global growth.

By: PTI | Washington | Updated: January 24, 2018 10:05 am

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Currently a Fed governor and former financial-firm executive, Jerome Powell is expected to mostly continue with Yellen’s policies. (Source: Reuters)

The United States Senate on Wednesday confirmed Jerome H Powell as the next chairman of the Federal Reserve, a powerful post having an influence on global economy.

Powell (64) will replace Janett Yellen, whose term ends in February. He was confirmed by the US Senate by an overwhelming vote of 84-12.

Currently a Fed governor and former financial-firm executive, Powell is expected to mostly continue with Yellen’s policies.

The Wall Street Journal said Powell inherits an economy on the upswing fuelled by a booming labour market and strong global growth.

“His task will be to sustain the economy’s expansion without letting it pick up so much momentum that the Fed would be forced to cool it off with sharp rate increases, risking a downturn,” it reported.