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Senate Confirms Jerome Powell as Federal Reserve Chairman

Latest News : Senate Confirms Jerome Powell as Federal Reserve Chairman

The Senate confirmed Jerome Powell to become the 16th chairman of the Federal Reserve, clearing the way for a new leader likely to continue raising interest rates to keep the economic expansion on track.

Mr. Powell, who was confirmed by an 85-12 vote, will take over when Chairwoman Janet Yellen's four-year term ends Feb. 3. She has said she would leave the Fed board of governors once her successor is sworn in.

Mr. Powell, a Fed governor since 2012, will inherit an economy on the upswing fueled by a booming labor market and strong global growth.

Impact : Medium 
Sentiment : Neutral for Dollar

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