Powell To Get the Nod to Replace Yellen as Fed Chair: WSJ

Investing.com – President Donald Trump plans to nominate Federal Reserve Governor Jerome Powell to be Fed chairman, according to the Wall Street Journal.

Powell would replace Janet Yellen as the head of the Federal Reserve, after the Fed chair’s term ends on Feb. 3. The report drew little reaction in markets as traders expect Powell to adopt a similar stance to current Fed chair Yellen on monetary policy.

The report comes just hours after the Federal Reserve revealed its decision to leave rates unchanged, which did little to deter year-end rate hike expectations as the central bank downplayed the impact of hurricane-related disruptions, insisting that economic growth was solid.

“Information received … indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate despite hurricane-related disruptions, ” according to the FOMC statement.

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