NEW FED CHAIR PLEDGES TO REMAIN ALERT TO RISKS

Federal Reserve Chairman Jerome Powell said Tuesday the global economy is recovering strongly, but the central bank needs to remain alert to any emerging risks to financial stability. In remarks during a ceremonial swearing-in, Powell said the Fed is in the process of “gradually” raising interest rates and trimming its holdings of Treasury bonds. He said the Fed is seeking to normalize its policies in a way that will extend the recovery and bolster its goals of achieving stable inflation and maximum employment.