Jay Powell vowed to maintain the resilience of America’s financial system as he was sworn in as the new chairman of the Federal Reserve amid a shaky spell for stock markets.
The US central bank’s new chairman on Monday pledged to keep an eye on evolving risks but did not refer to the volatility that erupted in equities last week, driven in part by investor speculation that wage and price inflation could be heading upwards.
On Monday the S&P 500 index wavered between gains and losses after Mr Powell was sworn into office by Randal Quarles, the Fed’s vice-chairman for supervision. “Today, unemployment is low, the economy is growing, and inflation is low,” said Mr Powell in a video address. “Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability.”