Jerome "Jay" Powell will take office to lead the US Federal Reserve. Starting Monday, the Republican former investment banker tapped by President Donald Trump will succeed Janet Yellen. Powell could soon face difficult policy decisions over how fast to raise interest rates. Inflation has remained stubbornly below the Fed's two percent target, but the policy statement last week said the central bank expects prices to move up in the near term. The first rate increase of 2018 is widely expected to come in March.