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New Fed chief Jerome Powell tells Congress financial system is powerful

WASHINGTON — Jerome Powell, the brand new chairman of the Federal Reserve, painted an optimistic image of the U.S. financial system Tuesday and signaled that he’ll proceed to bolster sturdy development throughout testimony earlier than Congress in his public debut as head of the central financial institution.

Powell, in remarks to the Home Monetary Companies Committee, mentioned the job market and enterprise funding continued to strengthen, and that headwinds as soon as holding again the financial system had now become tailwinds.

However he emphasised that he deliberate to proceed the insurance policies of his predecessor, Janet Yellen, who managed to progressively elevate rates of interest throughout her four-year time period whereas nonetheless encouraging broad financial development.

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