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Fed names Powell as chair pro tempore until Warsh is sworn in

BY Reuters | ECONOMIC | 08:55 PM EDT

WASHINGTON, May 15 (Reuters) - The Federal Reserve Board on Friday said it has named Jerome Powell as chair pro tempore until Kevin Warsh is sworn in as the new head of the U.S. central bank.

* Warsh is expected to be sworn in soon by U.S. President Donald Trump but no date has been announced.

* Powell's eight-year run as Fed leader formally expired on Friday.

* Fed board members Stephen Miran and Michelle Bowman said in a joint statement they did not support the measure that keeps Powell as chair because it does not include a fixed time period for his temporary status.

* Although Powell is stepping down as chair, he has said he will stay on the Fed's Board of Governors until he is satisfied the Trump administration has ended its criminal probe of him. (Reporting by Daphne Psaledakis and Bhargav Acharya; Editing by Michelle Nichols, Sergio Non and Tom Hogue)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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