Economics
Here’s What You Need to Know About Powell’s Fed Chair Selection
- Powell has backed FOMC’s rate hikes and represents continuity
- Governor open to reform that lessens burden of financial rules
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Here’s what you need to know about Jerome Powell, who’s President Donald Trump’s pick to replace Janet Yellen as Federal Reserve chairman, according to three people familiar with the decision. A formal announcement is due Thursday.
Steady as she goes. Powell, 64, who joined the Fed Board of Governors in 2012, has publicly backed the central bank’s plan of gradually raising interest rates. His term is likely to represent continuity with Yellen, though Trump could still potentially tilt the Fed in a more hawkish direction with other appointments to the board.