Jerome Powell has been sworn in as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed’s boardroom. In a short video message, Powell pledged to “support continued economic growth, a healthy job market and price stability.”

Read: Is it time to temper outsized risk appetites?

Powell took the oath of office from Randal Quarles, the Fed’s vice-chairman for supervision, in a ceremony that was attended by Fed staff and Fed board member Lael Brainard.

Powell succeeds Janet Yellen, the first woman to lead the nation’s central bank in its 100-year history. President Donald Trump picked Powell after deciding to break with recent tradition and not offer Yellen a second four-year term.

In his video message, Powell did not mention the current turbulence in financial markets which sent stocks plunging on Friday.

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Originally published on Advisor.ca
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