Economics

Trump Considered Keeping Yellen at Fed, Until Mnuchin Spoke Up

Treasury secretary’s pick, Jerome Powell, bested Pence choice
President initially talked about Yellen or Cohn for job

Former Fed Governor Randy Kroszner weighs in on Fed chair nominee Jay Powell.(Source: Bloomberg)

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By Jennifer Jacobs, Margaret Talev, and Toluse Olorunnipa

November 2, 2017 at 9:06 PM UTC

Updated on

November 3, 2017 at 3:22 PM UTC

This article is for subscribers only.

Jerome Powell wasn’t a lock to be President Donald Trump’s pick to lead the Federal Reserve.

As Trump watched the stock market reach new highs day after day since his election and claimed personal credit for the strength of the U.S. economy, he kept coming back to the idea of renominating the woman most responsible, people close to him said: Fed Chair Janet Yellen.