Daily Traders Edge

Trump picks Jerome Powell to replace Janet Yellen as Fed chair

November 03
14:11 2017

US President Donald Trump has named Jerome Powell, a current Federal Reserve governor and former finance executive, as his choice to replace Janet Yellen as chair of the world’s most powerful central bank — ending months of speculation about who would take charge.

Powell, who is expected to be confirmed to the role, will face key decisions on whether to continue raising interest rates as the economy sends mixed signals about the growth outlook and US inflation remains well below the Fed’s official 2% target.

Powell is seen as a relatively safe, Wall Street-friendly choice at a crucial time for the central bank. The Fed has begun the process of raising interest rates from post-recession lows and is unwinding its massive asset-buying program — a response to the financial crisis a decade ago.

“His common sense approach to monetary policy and financial regulation are exactly what the Federal Reserve needs right now and we look forward to his confirmation” a senior Fed official told reporters in a conference call following the appointment.

Continue Reading at Business Insider

Related Articles

Newsletter Signup

Sign up for our free newsletter