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Senate approves Powell for fresh term at the Fed

WASHINGTON (Reuters) - The Senate on Thursday confirmed Federal Reserve Governor Jerome Powell to a fresh term on the U.S. central bank's board.

Powell, who has served at the Fed since May 2012, was approved for a fresh term that would carry until January 2028.

The one-time investment banker said earlier this month that the time was not yet ripe to consider raising U.S. interest rates given the "significant amount of slack in the labor market."

(Reporting by Howard Schneider and Krista Hughes; Editing by Andrea Ricci)

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