Powell takes charge as Fed's chairman of the Board of Governors

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Jerome Powell has been sworn in as Federal Reserve chief, replacing Janet Yellen. The only woman to serve as the head of the U.S. central bank described her work at the Fed as "the core of my existence".

The central bank is expected to raise the key interest rate 3 times this year.

Outgoing Federal Reserve chair Janet Yellen said USA stocks and commercial real estate prices are elevated but stopped short of saying those markets are in a bubble. He is the 16th President of the US Central Bank.

In his message, Powell, an investment banker before joining the Fed, said he was committed "to explaining what we're doing and why we are doing it" in carrying out the Fed's main jobs of promoting price stability and maximum employment.

"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".

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One of the worries from the market is that the Fed, under Powell, will accelerate its interest rate hikes, undermining the momentum of a bullish market.

He studied politics at Princeton University, before earning a law degree from Georgetown University. But he said he and the other Fed officials will "remain vigilant and we are prepared to respond to evolving risks".

Yellen's final act at the Fed was to hit one of the largest United States banks, Wells Fargo & Co., with an unusual ban on growth that follows the San Francisco-based lender's pattern of consumer abuses and compliance lapses.

According to the Washington, D.C. -based think tank, Yellen will start her new endeavor today and will be affiliated with its Hutchins Center on Fiscal and Monetary Policy.

If rates go up, investors might be more interested in putting ir money in bonds than in stocks.