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Federal+Reserve+gets+new+chief
Wednesday, 24 January 2018 - 11:56
Federal Reserve gets new chief
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Jerome H. Powell, nominated by President Trump to lead the Federal Reserve, presented himself as a pragmatic moderate who would largely continue the Fed’s current policies at a confirmation hearing before the Senate Banking Committee.
 
Powell, a Fed governor since 2012, defended the Fed’s approach to financial regulation.
 
 He told Democrats that he saw no need for stronger rules, and he told Republicans he did not favour rolling back most existing ones, though he did endorse easing the burden on smaller banks.
 
Powell also pledged to continue the Fed’s current approach to monetary policy, by gradually raising interest rates so long as economic growth remains healthy.
 
He stopped just short of confirming that the Fed intends to raise its benchmark interest rate in December, a move that is widely expected by financial investors.
 
“I think that the case for raising interest rates at our next meeting is coming together,” he said.
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