Trump selects Jerome Powell as new Fed chairman

WASHINGTON (AP) — President Donald Trump's choice to lead the Federal Reserve says he will work to make sure the Fed stays "vigilant and prepared to respond to changes" in the market.

Jerome Powell was introduced by Trump in the Rose Garden this afternoon.

The nominee says the U.S. economy has made "substantial progress" since the 2008 financial crisis, and the financial system is much stronger.

Powell says the Federal Reserve understands monetary decisions "matter for American families" as he awaits confirmation by the Senate.