Incumbent had been renominated by Biden late last year
Jay Powell
Every large sector in the red, with discretionary and tech firms among biggest fallers
UK inflation now heading above 10%, with further rate hikes flagged in coming months
FTSE 100, France’s CAC 40 and Germany’s Xetra Dax hit by declines after Wall Street sell-off in previous session
Central bank has become more concerned about highest US inflation rate for 40 years
Asset shedding plan comes as US central bank likely to implement 0.5% rate rises at future meetings
10-year Treasury yield back above 2% ahead of Federal Reserve meeting
S&P 500 ends month down 5.3% as investors recoil over prospect of rising interest rates