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

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

"Today, unemployment is low, the economy is growing, and inflation is low".

Yellen, 71, stepped down as Fed chief on Saturday after one term, after US President Donald Trump opted to replace her with Republican Jerome Powell, who's been a Fed governor since 2012. The U.S. Senate in late January approved his appointment to lead the central bank for four years.

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. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen.

He has steadily supported Ms Yellen's approach to monetary policy and financial regulation, creating an expectation that he would be unlikely to attempt large or sharp changes in the Fed's course. The financial system, he says, is now "stronger and more resilient than before financial crisis that began a decade ago". He voted along with Yellen on Friday to order Wells Fargo & Co.to cap its growth and improve its corporate governance in the wake of the bank's unauthorized accounts scandal.

If rates go up, investors might be more interested in putting ir money in bonds than in stocks. "Yes, it can keep going", she said.

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University. Prior to his confirmation, Powell served as a member of the Board of Governors.


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