Market Weekly: Oct 9 Oct 13 2017

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The Treasury Secretary is “strongly pushing” for the White House to nominate current Fed Governor Jerome Powell as the central bank’s next chairman, reports Politico.

Those close to the process says Mnuchin knows Powell and thus feels he can exert at least some influence, though, of course, the Fed is supposed to operate independently from the Executive Branch.

Unlike current Fed boss Janet Yellen, Powell is a lawyer by training, not an economist. He has worked in the financial world for most of his career – including a stint in Bush I’s Treasury Department and later as a partner at Carlyle Group.
Other candidates on the short list: Yellen, Gary Cohn, and Kevin Warsh.