Donald Trump nominates Jerome Powell to lead US Federal Reserve

1. Donald Trump nominates Jerome Powell to lead US Federal Reserve Powell will replace current Fed Chair Janet Yellen Donald Trump nominates Jerome Powell to lead US Federal Reserve on Business Standard. Powell will replace current Fed Chair Janet Yellen.

2. Markets breathed a sigh of relief after President Donald Trump named Jerome Powell his pick to be the next chair of the Federal Reserve. If confirmed, Powell – considered a “safe” choice – would take over from current Chair Janet Yellen in February, becoming one of the world’s most powerful people. So what’s the big deal? Economist Greg Wright explains why who leads the U.S. central bank matters to us all. Powell, who must be confirmed by the Senate, will replace current Fed Chair Janet Yellen when her term at the helm of the central bank expires in February. Trump said Powell is “strong, committed and smart,” and has the “wisdom and leadership to guide” the US economy. Who is Jerome Powell? Powell is a Republican and a wealthy former investment banker who currently serves on the Fed’s Board of Governors. He was first nominated by President Barack Obama in 2012. Perhaps the most notable feature of his biography is that he lacks a background in economics, expertise that the previous three Fed chairs brought to the table. Given that Powell has consistently expressed moderate views regarding monetary policy, the choice is seen as a cautious one, signaling that the Trump administration’s primary goal is to keep the global economy on its current path of steady growth and low unemployment. In short, Powell is expected to continue Yellen’s relatively dovish policies. Click to Read → Federal Reserve New Chief