After all the rumors and whispers of a surprise, President Trump intends to nominate Jerome Powell for Chairmanship of the Federal Reserve. Mr. Powell will, if confirmed, replace Janet Yellen after just one term. Consensus seems to believe that short of Yellens renomination, which may have been politically impossible for the President given his campaign stance on her, Powells ascent is as close to continuity as possible.
I also believe that is true, but very oddly so. Their backgrounds, Powell and Yellen, could not have been more different. The current Chairman was an academic…

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