Jerome Powell nominated by Donald Trump as the next Fed chairman

President Donald Trump tapped Jerome Powell on Thursday to replace Janet Yellen as Fed chair when her term ends in February, choosing a moderate member of the Fed’s board who has backed Yellen’s cautious approach to interest rate hikes.

Mr. Powell, 64, is seen as a safe pick whose selection will likely assure investors hoping for continuity at the Central Bank. Some analysts see Mr. Powell, though, as more inclined than Ms. Yellen to ease financial regulations and possibly to favor a faster pace of rate



increases.

Mr. Trump made the announcement in a Rose Garden ceremony with Mr. Powell standing beside him. He said Mr. Powell had earned the “respect and admiration of his colleagues” in his five years on the Fed’s board.

The President also praised Ms. Yellen, the first woman to lead the Fed, whom he decided not to nominate for a second term. He called her a “wonderful woman who has done a terrific job.” In a departure from previous announcements of new Fed chairs, she was not in attendance Thursday.