Powell takes charge as Fed's chairman of the Board of Governors

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The fear is that monetary policy can now be influenced by five related factors, which can lead Powell to be more aggressive with rising rates: impact of fiscal stimulus on growth, increase in public deficit, rising wages for a job market in full employment, increasing inflationary pressure and market level. "Me and my colleagues will remain vigilant and ready to respond to the developing risks", added he.

"I don't want to label what we're seeing as a bubble, but I would say that assets valuations generally are elevated", Yellen said, advising investors to "be careful to diversify in their investments".

Economists widely expect the Fed to hike interest rates three times this year, with the first coming in March.

Powell also said that the "financial system is now far stronger and more resilient than it was before the financial crisis". He voted along with Yellen on Friday to order Wells Fargo & Co.to cap its growth and improve its corporate governance in the wake of the bank's unauthorized accounts scandal.

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Scott Rolston of Whitestown Police said the department generally would not communicate with ICE for a typical traffic stop. At a court hearing Tuesday morning, Orrega-Savala, through a court interpreter, said, "I wasn't driving the vehicle ".

Powell has said that the Fed would make policies that are efficient as well as effective. Powell's current term as a Fed board member does not end until January 31, 2028. The Dow Jones index has lost 5% of its value since last record, after extending this Monday heavy falls that were seen on Friday, on last day of Yellen. On Monday, she joined the Brookings Institution think tank as a distinguished fellow in residence in the economic studies program.

But Yellen said she supported the choice of Powell as her successor.

In interviews Sunday, Yellen, the first woman to lead the Fed, voiced disappointment with not being nominated for a second term - the first Fed chair in decades not to be nominated for a second term.