Jerome Powell sworn in as Fed chairman

Jerome Powell officially took the helm of the Federal Reserve Board on Monday, replacing Janet Yellen in a carefully choreographed transition. In brief statement, promises to be ‘vigilant’ and respond to risks. Jerome Powell is a lawyer by training who has been on the Fed board since 2012.

Powell was sworn in early Monday morning in a private ceremony. Powell noted that unemployment inflation are low and the economy is growing. “Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability,” he said. He did not directly address the recent selloff in stocks.

The Dow Jones Industrial Average and S&P 500 dropped sharply early Monday, continuing Friday’s sell-off. Powell said the financial sector is “far stronger” than it was before the financial crisis. “We intend to keep it that way,” he said. “My colleagues and I will remain vigilant and we are prepared to respond to evolving risks,” he added.