Jerome Powell takes the oath of office as the new chairman of the Federal Reserve, Monday, Feb. 5, 2018, in Washington. (Photo: AP)

Washington (People's Daily) - Jerome Powell took the oath of office on Monday as the Federal Reserve's 16th chairman. He succeeded Janet Yellen, who left the position Friday after serving a four-year term.

It's believed that Powell will continue the moderate monetary and economic policies of his predecessor.

"I am humbled and honored by this opportunity to serve the American people,”said Powell in a statement. "My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks."

He faces a set of challenges to keep the economy in the safe space between overheating and recession, inheriting a low-inflation, low-interest-rate economy that gave rise to a strong run in the stock market.

Powell, who was born on February 4, 1953 in Washington, D.C., has served as a member of the Federal Reserve Board of Governors since 2012.