The US Senate has confirmed Janet Yellen as the new chair of the Federal Reserve. She will be the first woman to head America's central bank and faces the task of winding down its historic stimulus program.
As expected, the United States Senate has approved the appointment of Jerome Powell as the next head of the American central banking system.
The US central bank's first female chief is planning to step down from it's governing board. Janet Yellen said in a letter to President Trump that she was "gratified" to leave with the US on firmer financial footing.
The US president has nominated Jerome Powell as the new chair of the central bank. While Trump wants low rates to boost growth and the stock markets, he knows that what Wall Street values most is safe hands.
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.
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