Trump Picks Powell As Federal Reserve Chairman

Donald Trump names Jerome Powell as the Federal Reserve Chairman

fed chair powell

Donald Trump names Jerome Powell as the Federal Reserve Chairman

Wall Street likes Powell for his reputation of being dovish on monetary policy, at least for a Republican. There’s good reason for that. Powell has never dissented from any decision since becoming governor in May 2012

Powell is the first person without an advanced economics degree to hold the job since William Miller in the late 1970s. Powell has worked in investment banking and served on corporate boards as a managing partner at the Carlyle Group, a private equity firm.

Fed Chairwoman Janet Yellen current term ends next year in February.

“I think from a Fed standpoint, I would say I am very cautious of the idea of a Fed digital currency,” Powell said in June at the Economic Club of New York. 

“If Trump nominates Powell to replace Yellen it will imply continuity in the Federal Reserve’s interest rate and the balance sheet policy, at least for a time,” said Lewis Alexander, U.S. chief economist at Nomura.

Sources:   Reuters, CNBC, Marketwatch, @VICTORLEONARDIB

Leave a Reply

Your email address will not be published. Required fields are marked *