Federal Reserve Chair Janet Yellen

Federal Reserve chief Janet Yellen presided over her last policy meeting this week. After a two-day meeting, the Fed kept its target for a key interest rate unchanged, as analysts had expected.

Powell, an uncontroversial pick of President Trump, is widely expected to follow the gradual interest rate increase policy of outgoing chief Janet Yellen.

The Great Recession began exactly one decade ago this month. Although the economy has been growing steadily for years, the downturn's impact is still deeply felt by millions who lost homes and jobs.

The Federal Reserve in October will begin unwinding the extraordinary stimulus it used to battle the Great Recession. That means that over the long run, rates on car loans and mortgages could go up.

Federal Reserve Chair Janet Yellen's remarks in Jackson Hole, Wyo., on Friday put her at odds with President Trump. She applauded the post-crisis regulations that he says are hurting businesses.

The Fed also said it is looking to increase rates three times in 2018, as inflation approaches the central bank's target annual rate of 2 percent and the unemployment rate appears stable.

The timing of an interest rate increase has been in question because of a slowing U.S. job market and troubles overseas.

The Federal Reserve is proposing rules that would force banks to add another layer of protection in case of a financial crisis. It wants to be sure taxpayers don't get stuck bailing out banks again.

The Fed says that because wage and price hikes remain low, and growth continues at a moderate pace, interest rates will stay at historic lows for a "considerable time."