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Trump Picks Powell To Be Next Fed Chair - daily business report - 11-02-2017

Trump Picks Powell To Be Next Fed Chair

The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldn’t describe what they discussed.Mr. Trump said in a video last week that he had “somebody very specific in mind” for the job.“It will be a person who hopefully will do a fantastic job,” Mr. Trump said in a video posted to Instagram, adding, “I think everybody will be very impressed.”Modest reactions for now in USDJPY and gold...However, WSJ notes that while President Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind.WSJ summarizes Powell's views as follows...Read the entire article