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Trump Passes Over ‘Excellent’ Yellen After Just One Term at Fed

  • President to tap Jerome Powell as chairman of the central bank
  • Trump says he plans to make a formal announcement on Thursday
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Bloomberg’s Enda Curran reports on President Trump’s possible appointment of Jerome Powell as the next Fed chair.(Source: Bloomberg)

President Donald Trump is ending Federal Reserve Chair Janet Yellen’s leadership of the U.S. central bank after just one term at the helm of the institution she has led since 2014.

She is the first Fed chair since G. William Miller in 1979 not to be reappointed to another four-year term. Former Fed chairmen Paul Volcker, Alan Greenspan and Ben Bernanke were all nominated by a president of one party and renominated by a president from the other.