Trump taps Powell as new Fed chairman

President Donald Trump Thursday nominated Fed Governor Jerome Powell to become head of the U.S. central bank, promoting a soft-spoken centrist to replace Janet Yellen when her term expires in February 2018 .

Powell, appointed to the Fed board in 2012 by then-President Barack Obama, emerged as Trump’s choice from a five-person slate of possible nominees that included Yellen as well as others who would have represented a sharp change in monetary policy.

Powell can now pursue that end along with Trump appointee Randal Quarles, the Fed’s new vice chair for supervision.Though he will be the first Fed chief since the late 1970s without an advanced degree in economics, Powell brings market insights, Fed board experience and ties to the Republican Party that analysts argued likely make for a smooth transition and relatively easy Senate confirmation.

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