Barack Obama says Janet Yellen is "exceptionally qualified" to head up the world's most important central bank. 67-year old Yellen is the first woman to be named to the post.
Federal Reserve Vice Chairman Stanley Fischer will resign in mid-October — months before his term was due to expire, and giving the Trump administration scope to start reshaping the leadership of the US central bank.
Federal Reserve Chair Janet Yellen has told the US Congress that interest rates will not have to rise much further. Politicians are concerned that three rate rises have taken place amid an uneven economic recovery.
Stocks around the world have surged after the Federal Reserve raised its interest rate for the first time since the financial crisis. Germany's Dax led the pack in early trading, following sharp gains on Asian markets.
The US central bank has increased its federal funds rate by 0.25 percent, with the second rate hike in more than a decade coming amid near full employment, rising inflation expectations and robust economic growth.
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