Federal Reserve Chairman Jerome Powell says the global economy is recovering strongly for the first time in a decade, but the central bank needs to remain alert to any emerging risks to financial stability.

Powell says the central bank is in the process of “gradually” raising interest rates and trimming its massive holdings of Treasury bonds. Powell says the Fed is seeking to normalize its policies in a way that will extend the recovery and bolster its goals of achieving stable inflation and maximum employment.

“We will remain alert to any developing risks to financial stability,” Powell says.

Powell made the comments during a brief ceremonial swearing-in on Tuesday. He took the oath of office the first time on Feb. 5 when he succeeded Janet Yellen as Fed chairman.

(AP)