The Presidential Daily Brief

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    Wall Street Plunge Greets New Fed Chair

    Are they changing horses mid-correction? Federal Reserve chief Jerome Powell, appointed by President Donald Trump to replace Janet Yellen, takes office today, but his timing could be better: The Dow Jones average dropped 4.1 percent last week, then closed down nearly 1,200 points today amid “panic-type selling” — its largest single-day point drop ever. The sell-off was fueled by concerns that Powell could stunt economic growth by hiking interest rates. Still, observers say the U.S. economy boasts strong fundamentals, such as a solid job market and stable consumer confidence.

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