Trump Plans to Announce Fed Chair Nominee on Thursday

Trump Plans to Announce Fed Chair Nominee on Thursday

International News

President Donald Trump on Thursday is expected to announce his intent to nominate Jerome “Jay” Powell as the next chair of the Federal Reserve, two administration officials said.Plans are underway to introduce Powell as the nominee to succeed Janet Yellen, whose first term expires in February, the administration sources said. But the officials added that nothing is completely certain until Trump actually makes the announcement. Powell, who first joined the central bank’s board of governors in 2012 under President Barack Obama and then was renominated in 2014, is not expected to deviate heavily from Yellen’s gradual approach to raising interest rates.
He is widely viewed as a safe pick, though he was not the first choice of conservatives on Capitol Hill and inside the administration who argued in favor of other candidates including former Fed Gov. Kevin Warsh and Stanford economist John Taylor.