Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
More tit-for-tat tariffs in the U.S.-China trade war could set the global economy up for a recession, according to Morgan Stanley.Marketsread more
A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
A series of tweets Monday marked the latest chapter in Trump's decadeslong effort to refute published reports that his previous financial problems have rendered him an...Politicsread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Sens. Mitch McConnell and Tim Kaine plan to introduce a bill Monday that would raise the minimum age to buy tobacco to 21 in hopes of curbing what regulators are calling an...Health and Scienceread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
Silicon Valley argues that the public market investors focus too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
Restaurants are thinking outside the box to attract and retain talent. A report from TDn2K, a restaurant analytics firm, finds that employee vacancies are a major concern for...Restaurantsread more
Forty percent of customers will choose a center to shop at based solely on the food that's there, JLL found in a new study. And nearly 38% of people want healthy options when...Retailread more
Harley was thrown into the spotlight of Trump's trade war last June after the company announced it would move production for its European products out of the U.S. because of...Autosread more
Powell, who was sworn in Monday, is the 16th person to hold the position. He faces an immediate set of challenges: a wobbly stock market, rising interest rates and the fallout from one of his predecessor's final acts — the removal of four Wells Fargo board members.
Powell, 65, took the oath of office at 9 a.m. ET, succeeding Janet Yellen, who left the position Friday after serving a four-year term. President Donald Trump chose not to reappoint Yellen and instead turned to Powell, a former Fed governor expected mostly to continue to current Fed path.
"I am humbled and honored by this opportunity to serve the American people," Powell said in a statement. "
"My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks."
However, continuing exactly down the same path could prove to be a challenge.
Both Yellen and Ben Bernanke before her dealt with a low-inflation, low-interest-rate economy that gave rise to a strong run in the stock market. Government bond yields, though, are now at multiyear highs, and the stock market is coming off a rough week that saw the Dow industrials lose 666 points Friday.
"As I begin my term, I want to stress my commitment to explaining what we're doing and why we are doing it," Powell said.
Powell also takes over the policymaking Federal Open Market Committee at a time when it has multiple holes to fill. Yellen's departure leaves four vacancies on the seven-member FOMC. Trump has nominated Carnegie Mellon economist Marvin Goodfriend for one opening.
Markets widely expect the Fed to hike interest rates three times this year, with the first coming at the March meeting. The committee pushed up the benchmark rate a quarter point five times under Yellen.