Powell sworn in as 16th chairman of Federal Reserve

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She also said the stock market — the Dow Jones industrial average closed at 25,520 Friday after a 665-point drop — was "high", and that the financial system was in stronger shape to handle a sharp sell-off than it was during the 2008 financial crisis.

"Unemployment is low, economy is growing and inflation is low", said Fed's new president in a brief message explaining what central bank does and why.

He studied politics at Princeton University, before earning a law degree from Georgetown University. "I've found him to be a very thoughtful policymaker".

Married with three children, he worked at the treasury under Mr Bush before going to Carlyle. However, The Wall Street Journal reported that she chose to leave for a position at a fiscal think tank.

"If we were to face another period where you need innovative and creative leadership, Jay has a lot of skills, and it could still go OK, but you'd like to add to those skills a lifetime of studying monetary policy".

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

"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much".

Powell, a Fed board member since 2012, is "thoughtful, balanced, dedicated to public service".

Powell took the oath of office one day after his 65th birthday from Randal Quarles, the Fed's vice chairman for supervision, in a ceremony that was attended by Fed staff and Fed board member Lael Brainard. "We intend to keep it that way", Powell said.

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