US President Donald Trump has nominated Jerome Powell as the next chair of the Federal Reserve. The nomination will now be passed to the US Senate for confirmation.
The announcement ends months of speculation over who will take over from Janet Yellen, who has served as chair since 2014, with possible candidates including Kevin Warsh and John Taylor as well as the reappointment of Yellen. Powell is expected to stay the course on monetary policy if the economy continues its steady growth. "He is strong, he is committed, he is smart," Trump said yesterday when he introduced Powell as his choice, reported the New York Times. Using Powell's nickname, the President added, "I am confident that with Jay as a wise steward of the Federal Reserve, it will ...
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