The president just announced his pick to chair the Federal Reserve System. Subject to Senate confirmation, current Fed governor Jerome Jay Powell will succeed Janet Yellen as Fed chair in February 2018. Market reaction to this announcement has been sanguine, with commentators describing Powell as the continuity candidate.
It is perhaps strange that Powell should be so-described, when Janet Yellen was still in the running for a second term until very recently. The point, though, is that Powells views are much closer to Yellens than the other candidates interviewed by the…

More…

Comments are closed.