Powell sworn in as Fed chief pledging to explain policy moves

Dow Jones falls the most in a day since 2008 financial crisis triggers losses in Asian markets

Janet Yellen may have been replaced as Federal Reserve Chair, but she's not joining the ranks of the unemployed.

Fed critics say the central bank purposely pushed up the stock market in an effort to create a wealth effect that officials hoped would spill over into the broader economy.

The new Fed chairman, moderate Republican, believes that rules that follow monetary policy are practical in defining strategy, but y represent a very small part of analysis he needs to make to mark course. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising. In a video message, Powell pledged to support continued economic growth and a healthy job market while remaining "vigilant" to any emerging economic risks.

Fatal flu season is not over yet
Health officials warn that the season can continue through May and vaccination is the best defense against the worst of the flu. Menzies-Boule said that the flu season is far from over "and we usually see a second wave of the flu caused by the B strain".

Powell, the 16th person to hold the position, was nominated by President Donald Trump in November.

"I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago. We intend to keep it that way". The Dow Jones index has lost 5% of its value since last record, after extending this Monday heavy falls that were seen on Friday, on last day of Yellen. In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases.

The first challenge facing Powell as Fed chair is "working out how to achieve growth that is both adequate and financially sustainable", former U.S. Treasury Secretary Lawrence Summers, also an economic professor at Harvard University, tweeted. He graduated in politics from Princeton and in law by Georgetown. The plan at this time is three rate increments in 2018. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels.

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