Powell sworn in as Fed chief pledging to explain policy moves

[WASINGTON] Federal Reserve Chairman Jerome Powell, minutes after being sworn in as the central bank's 16th leader, pledged to support continued growth and price stability, while emphasizing a commitment to better communication with the public.

"As I begin my term, I want to stress my commitment to explaining what we're doing and why we are doing it," Mr Powell said in a video message released Monday.

Mr Powell becomes a steward of the US economy at a particularly important juncture - just as growth is picking up, and with unemployment and inflation at near historical lows.

"Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability," he said.

Mr Powell, 65, also said the Fed would continue to remain "vigilant" in guarding financial stability while working to make regulation "efficient as well as effective."

BLOOMBERG