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Financial News: Trump Selects Jerome Powell To Replace Yellen As

Trump Selects Jerome Powell To Replace Yellen As Fed Chair

11/02/2017 - 15:33:00 (RTTNews)

(RTTNews) - The next Federal Reserve Chairman will be Jerome Powell, President Donald Trump officially announced Thursday in Washington, DC.

Confirming weeks of speculation, Trump nominated Powell replace current Chair Janet Yellen to head the central bank.

Yellen's term expires in January. While calling Yellen a "wonderful woman," Trump said the Fed needs "strong, steady leadership."

Powell is currently serving as a Federal Reserve governor and has been in lockstep with Yellen on monetary policy. Unlike other Fed chairmen for the past few decades, Powell is not a formally trained economist but has a law degree and extensive business experience.

Trump expects the Senate will swiftly confirm Powell, who enjoyed bi-partisan support when confirmed to his post as Fed governor in 2012 and 2014.

"He's strong, he's committed, he's smart," Mr. Trump said in the Rose Garden. "Based on his record, I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy will face."

In a break with tradition, outgoing Fed Chair Yellen was not stage when Powell was presented by Trump, a sign of some consternation about being passed over for re-instatement.

Yellen, the first woman to serve as Chair, has been in charge at the Fed since February 2014.

In a short statement, she congratulated Powell and said she was "confident in his deep commitment to carrying out the vital public mission of the Federal Reserve."

Analysts expect Powell to continue with Yellen's gradual approach to interest rate hikes. The Fed currently projects an interest rate hike in December, with three additional modest rate hikes seen in 2018.

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