The daily business briefing: January 24, 2018

The Senate confirms Jerome Powell as Fed chair, U.S. officials reassure Davos crowd ahead of Trump's arrival, and more

Jerome Powell, the new Fed chair, in Washington
(Image credit: SAUL LOEB/AFP/Getty Images)

1. Senate confirms Jerome Powell as next Fed chair

The Senate on Tuesday confirmed Jerome Powell as the next chairman of the Federal Reserve. Senators voted 85-12 to approve Powell, who has served more than five years on the U.S. central bank's board and was nominated by President Trump to replace the current chair, Janet Yellen, when her term ends on Feb. 3. Yellen was the first woman to serve in the post, and she has received high marks for her performance. Trump, however, was critical of the Fed during his campaign, and Powell's support for easing some banking regulations puts him in sync with one of Trump's major objectives. Still, most observers expect Powell to stick to Yellen's cautious approach to raising interest rates as the economy improves.

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