Fed chief: US to maintain post-crisis regulations

Newly-installed US Federal Reserve chief Jerome Powell pledged Tuesday to preserve the key gains made in banking regulation since the global financial crisis and continue gradual interest rate increases. Powell, who took over as Fed chair February 5, just as Wall Street took a vertiginous dive, also said the central bank would continue to reduce its bond holdings which reached more than $4.5 trillion.
"We are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives," Powell said in remarks at a ceremonial swearing in event. He was officially took over the helm of the Fed last week, replacing Janet Yellen, the only woman ever to lead the central bank in its 100-year history.