Backgrounder: New US Fed Chairman Jerome Powell

Janet Yellen Is Out of the Fed. But She's Not Out of a Job

Janet Yellen Is Out of the Fed. But She's Not Out of a Job

The new Fed head faces an immediate challenge from the wobbly market, as US stocks opened sharply lower Monday after a heavy sell-off Friday.

Jerome Powell is to be sworn in on Monday as the Federal Reserve's 16th chairman. The President Donald Trump chose not to extend Yellen term and instead turned to Powell, who is widely believed to continue on the Fed's current path. His term as a board member expires in 2028.

"I am humbled and honored by this opportunity to serve the American people", Powell said in a statement. "Me and my colleagues will remain vigilant and ready to respond to the developing risks", added he.

Tension Mounts in West Bank after Jarrar's Assassination
Two Palestinians were killed during earlier raids that Israeli security services said were launched to find Shevach's killers. His declaration overturned decades of U.S. policy that its status should be decided in Israeli-Palestinian negotiations.

However, continuing exactly down the same path could prove to be a challenge. He brings a background in financial markets, a contrast with Ms Yellen and her predecessor, Ben S. Bernanke. However, the yields on government bonds are now at several-year highs, and the stock market ended Friday's extremely hard week in which Dow Jones lost 666 points on Friday.

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. Yellen's departure leaves four vacancies on the seven-member FOMC.

Marvin Goodfriend, a Carnegie Mellon professor and former economist at Federal Reserve Bank of Richmond, was tapped to fill one of the still-vacant Fed board seats, but he has not been confirmed yet.

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