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WASHINGTON, United States (AFP) – Outgoing Federal Reserve chief Janet Yellen said Friday she did not believe the major gains on Wall Street in recent months qualified as a “bubble,” but nevertheless warned investors to remain cautious. Yellen, who leaves her post on Saturday and will be replaced on Monday by Jerome Powell, made the comments in an interview with PBS television before the Dow closed down more than 650 points, its biggest drop since June 2016. […]
WASHINGTON, United States (AFP) — The US Senate on Tuesday confirmed former investment banker Jerome Powell as head of the Federal Reserve, putting President Donald Trump’s pick in a role of enormous influence over the world’s largest economy. Powell, a current Fed governor, was confirmed by a vote of 85-12, paving the way for him to replace current Chair Janet Yellen when she steps down next month. In choosing to replace Yellen, Trump dismantled another […]
NEW YORK, United States (AFP) — The Dow ended at a record high Thursday after President Donald Trump nominated Jerome Powell to lead the Federal Reserve and congressional Republicans unveiled their long-awaited tax cut plan. The Dow Jones Industrial Average gained 0.3 percent to finish at 23,514.81, about 75 points above the prior record set last Friday. The broad-based S&P 500 ended up a hair at 2,579.85, while the tech-rich Nasdaq Composite Index dipped less […]
WASHINGTON, United States (AFP) — Jerome “Jay” Powell, the Republican former investment banker tapped by President Donald Trump to replace Janet Yellen at the helm of the US Federal Reserve, could be the richest person to ever fill the role. Trump’s choice of Powell — who is not a trained economist — represents a departure from longstanding precedent, but also sends a signal to markets that the White House intends to maintain a measure of continuity with […]
