Trump nominates Jerome Powell for Fed chair

Trump nominates Jerome Powell for Fed chair

President Donald Trump has named Jerome Powell as his pick to lead the Federal Reserve, BBC News reported. He's supported the cautious approach to raising interest rates that Yellen has pursued during her tenure.

Expansions don't die of old age.

With the exception of the Bank of Japan, most key central banks are starting to reverse their emergency stimulus as economies surprise to the upside. It was heading for its third straight week of declines against the dollar.

In accepting the nomination, Powell said he will "do everything" in his power to fulfil his role of making prices stable and maximise employment. Doing so may force the Fed to more aggressively raise rates to prevent the economy from overheating.

"This could be quite a drawn out process", Innes said. But not to exit so quickly that it halted the fragile recovery. That was below market expectations for a rise of 0.4 percent on the month. All his nominees will be subject to Senate approval.

As Trump decisions go, choosing Powell is far from his worst one.

Later on Friday, the dollar could take its cues from U.S. economic data, including jobs data for October and the Institute for Supply Management's gauge of services sector activity.

Rep. Sean Duffy (R., Wis.) asked Yellen in July if she was seeking to serve another term. "That is a terrible dilemma". But Powell is kind of a throwback: Before Alan Greenspan came along, it was more common for Fed chairs not to be economists.

US President Donald Trump walks with Jerome Powell, his nominee to be Federal Reserve chairman, at the White House in Washington, DC, on November 2, 2017.

That's music to a Trump administration that thinks a lighter touch and tax cuts will help ramp up growth. Enthusiasm can contract suddenly when asset markets turn lower. If it were, he would have followed in the footsteps of his predecessors and reappointed Yellen. But wages are responding slowly, in part because of worker output per hour, or productivity is low.

The Financial Times' John Authers observes that Powell does "not appear to have diverged from Ms. Yellen's in any significant way at any point since he joined the board, and he has never dissented from a decision of the Yellen Fed". " Powell has a steep learning curve ahead of him".

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