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News

Trump named Powell as the next Federal Reserve chairman

  • Author:chois.dong
  • Source:www.boreway.com
  • Release on:2017-11-04
US President Donald Trump announced the nomination of Federal Reserve Governor Jerome Powell as the next chairman of the Federal Reserve, which will need Senate approval to take effect.

Tencent Securities News Beijing November 3 morning news, U.S. President Trump officially announced the nomination of the current Federal Reserve Governor Powell as the next Fed chairman, the nomination needs Senate approval to take effect. The current Federal Reserve Chairman Yellen's term ends in February 2018.

Powell is also what kind of person? Why Trump will elect him as chairman of the Federal Reserve?

A few months ago, Jerome Powell was also considered by observers to be too tough on banks, so Trump could not pick him the next chairman of the Fed.

Now Powell was revealed just a stone's throw away from the seat, and everyone expected him to make the financial industry even better. The Wall Street Journal reported that three informed sources disclosed that Trump had informed Powell that he would be nominated but that the news had not been confirmed by the White House, the Federal Reserve or Powell himself. Trump's official statement is expected to be released on Thursday. Powell Why become Trump favorite, and his position for the economy and the stock market mean? Bloomberg analyzed the article.

Powell can stand out from the crowd and must say that some insiders in the government are working hard. Together they and Powell launched a series of regulatory policies following the crisis of 2008. Powell started his career as a member of the Federal Reserve in 2012 and indeed signed many new rules. However, before signing, Powell first showed his disagreement in private. The former private equity firm executive was sometimes out of touch with the Janet Yellen Fed, as had warned that well-motivated regulatory policies could ultimately be detrimental to economic growth.

Trump accused the Fed of these policies to stop the credit flow to businesses, and Powell's assertion can be described as an euphemism for criticism. However, Trump also made it clear that he likes the typical low interest rate policy of the Yellen era. In other words, Trump hoped that the new chairman of the Federal Reserve would not only be able to maintain the established policy of monetary policy but also ease some of its supervision. Following such a thinking, he found Powell.

In fact, Powell and Trump almost no longer have any similarities except for being rich. Powell is a low-key pragmatist, value the team, do not want to make a show. Choosing him, Trump apparently also held back some of the pressure inside the Republicans, who would prefer the president to nominate himself a similarly influential and destructive player for existing institutions such as Kevin Warsh and John Taylor - In particular, Taylor is favored by Vice President Burns - they all want to deliver higher interest rates and promote fundamental change at the world's first central bank.

Powell was chosen to explain Trump's hope that both the economy and the stock market will be able to maintain good weather in Yerevan. Yellen will be full on February 3 next year.