Jerome Powell has been nominated to replace Janet Yellen at the Federal Reserve helm.
President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires, in a move widely expected and one unlikely to disturb the roaring stock market.
Trump made the announcement during a Thursday afternoon ceremony in the Rose Garden.
The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered central to a climate of low interest rates, surging job creation and booming asset prices.
“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right and the prospective chairman’s family nearby. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.”
“He’s strong, he’s committed and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump added.
He’s also been in bed with the Fed and the banks for a generation. This year he echoed the Bernanke’s 2008 banking sentiments (never been stronger [just before implosion]).
Maybe times have changed. Maybe cycles have changed. If not, then we are now overdue for another recession or worse.
It could be he is just what the doctor (not Dr. Paul) ordered. Or, he could be set up as a blame catcher for the inevitable. We’ll find out shortly.