Jerome Powell took oath of office Monday as chair of the U.S. Federal Reserve, succeeding Janet Yellen. The only woman to serve as the head of the USA central bank described her work at the Fed as "the core of my existence".
In November 2, President Donald Trump already made his intentions clear of nominating him as the new leader of the United States' central bank and on January 23 it was confirmed by the Senate that Janet Yellen would not be president for a second term.
The president also strays from Powell on the issue of Yellen's handling of interest rates during her time leading the Fed under former President Barack Obama.
Outgoing Federal Reserve chair Janet Yellen said USA stocks and commercial real estate prices are elevated but stopped short of saying those markets are in a bubble.
The has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank in 2004.
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.
Powell vowed to explain "what we are doing and why we are doing it".
Powell also said that the "financial system is now far stronger and more resilient than it was before the financial crisis". In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases. He graduated in politics from Princeton and in law by Georgetown.
But Yellen said she supported the choice of Powell as her successor.
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.
"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much".
People who have worked with Mr Powell say he studied economics assiduously after joining the Fed, gathering stacks of papers on the questions of the day, then reading and discussing the findings with colleagues.