Economics
It’s Trump’s Fed Now
With so many vacancies, the president will have a shot at molding the central bank.
The boardroom at the Fed’s Marriner S. Eccles building.
Source: Federal Reserve
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It took President Franklin D. Roosevelt a dozen years to turn over all the seats on the Federal Reserve’s governing board. Donald Trump is in a position to name five governors in just two years, while elevating a sixth to the chairmanship.
Markets are betting that Trump won’t seize on this chance to reshape the nation’s central bank in his own defiant image. So far his picks have been mainstream, and he’s refrained from berating the institution, which has been gradually raising interest rates to keep the U.S. economy from overheating.