On Thursday, US President Donald Trump nominated his candidate to chair the US Federal Reserve. Jerome Powell will replace Janet Yellen when her term expires in February 2018 if the US Senate approves Trump’s decision. It will be the first case in quite a long time when the Fed Chairperson is not re-elected for the second term. The tradition started with Harry Truman, but Trump is used to breaking traditions! Most experts are sure that Trump picked Powell considering the member of the Fed’s board of governors his man. Powell actively supported the economic stance of the new administration. Besides, the official backed Janet Yellen’s monetary course.
Trump seems to have killed two birds with one stone: this pick will assure investors of continuity at the central bank and will give Trump a loyal official in the important department.