Trump Nominates Jerome Powell to Replace Janet Yellen as Fed Chair

President Donald Trump today announced the nomination of Jerome Powell to be the next Chairman of the Fed. He will replace current Fed Chair Janet Yellen in February.

Powell is seen as likely to continue the Fed's current policies and approach of gradually raising interest rates, while shrinking the Fed balance sheet.

Trump described Powell as "strong, committed, and smart."

Powell said he is committed to the Fed's twin mandate and promised to be vigilant to market changes.

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