Economics

Trump Taps Powell for Fed to Oversee Economy Fraught With Risks

Fed will be convenient target for political, economic failures
Asset class cashes in with Trump as wealth disparity widens

Bloomberg’s Kathleen Hays reports on President Trump’s expected nomination of Jerome Powell as the next Fed head.(Source: Bloomberg)

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By Craig Torres and Rich Miller

November 2, 2017 at 4:01 AM UTC

This article is for subscribers only.

Jerome Powell, said to be President Donald Trump’s pick to be the next Federal Reserve chairman, is set to take the reins of the world’s most important central bank when the U.S. economy is rolling along at a pace he’ll be under pressure to sustain.

Growth is accelerating, inflation is tame and unemployment is the lowest in 16 years. Such a backdrop should initially enable a new Fed chairman to keep gradually raising interest rates from historic lows with the aim of stretching out what is already the third-longest U.S. upswing.