New head takes reigns of United States central bank

Dow Jones decline

Although expansion progressed progressively over past nine years, inflation remained mysteriously low, as Powell acknowledged.

However, she indicated she supports her successor, Jerome Powell. However, he will be the first leader of the central bank in 40 years without an advanced degree in economics. The U.S. Senate in late January approved his appointment to lead the central bank for four years.

Powell vowed to explain "what we are doing and why we are doing it".

In his video message, Powell did not mention the current turbulence in financial markets, which sent stocks plunging on Friday.

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

Powell is succeeding Janet Yellen, whose last day at the Fed was on Friday.

Snow on the way for Super Bowl Sunday
Forecasters are also keeping an eye on computer models showing another storm will approach for Tuesday and Wednesday . Overview: Another round of snow and a wintry mix looks to develop this Saturday night into Sunday .

Another challenge is from Yellen's final regulation act.

Powell also said that the "financial system is now far stronger and more resilient than it was before the financial crisis".

"We want regulations to be the most intense and most stringent for the very largest, most complex institutions and decrease in intensity, stringency as we move down" to regional and community banks, Powell said in the hearing, before the Senate Banking Committee. "If it focuses on maintaining the growth necessary to meet its inflation target, there is the risk of future increases in leverage and assets prices, setting the stage for trouble down the road", Summers said.

Mr Powell is a former partner at private equity firm Carlyle, while he also served in the treasury under former president George H W Bush in the 1990s.

Comptroller of the Currency Joseph M. Otting issued the following statement congratulating outgoing Chair of the Board of Governors of the Federal Reserve System Janet L. Yellen.

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