Powell takes Fed chair as economy starts to show strain

Washington

JEROME H Powell, who was sworn in on Monday as the US Federal Reserve's 16th chairman, is stepping into his new role as a half-decade of economic tranquility is beginning to show some signs of strain.

The Fed has gradually been increasing interest rates to maintain control of inflation, and markets are starting to notice. Stock prices fell on Friday as investors contemplated higher rates with a tightening labour market.