Trump to Tap Jerome Powell as Next Fed Chairman

Trump to Tap Jerome Powell as Next Fed Chairman

WASHINGTON—The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank. This is a move that will likely result in a continuation on current interest rate policy with a lighter touch on financial regulation. Mr. Powell, if confirmed will succeed Fed Chairwoman Janet Yellen, whose term expires in February. Yellen was one of the five finalists for the Fed Chair position, along with Stanford University economics professor John Taylor, former Fed governor Kevin Warsh and National Economic Council Director Gary Cohn.

Mr. Powell has been a consistent ally of Yellen over the span of his 5 years at the Fed. Powell will likely continue the Fed’s cautious approach to reversing the central bank’s crisis-era stimulus policies as the economy expands.

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