Economy

Trump leaning toward Powell as next Fed chair

Trump leaning toward Powell as next Fed chair”

Trump is expected to announce his choice on Thursday, a White House official said separately.

President Donald Trump is leaning toward nominating Federal Reserve Governor Jerome Powell to be the next head of the USA central bank, two sources familiar with the matter said on Friday.

"I will be announcing it sometime next week", Trump said in a video statement on Instagram. "I have someone very specific in mind and I think everyone will be very impressed".

Despite Wednesday's pullback, the dollar index has gained 0.6 percent in the past week on hopes for a tax-cut plan and in the aftermath of reports that Stanford University economist John Taylor impressed Trump in his interview for the Fed's top post.

Trump's advisors have been steering him toward choosing either Powell or Taylor for the job.

The group of finalists had originally also included former Fed board member Kevin Warsh and Gary Cohn, head of the president's National Economic Council.

Taylor favors a rule-based approach to setting interest rates and is seen as someone who may put the Fed on a path of faster rate hikes compared with Fed Chair Janet Yellen, whose term expires next February.

Trump said in the video that things were looking good for the country and the USA economy. It was the strongest back-to-back quarters of GDP growth in three years.

By picking Powell, a Fed governor since 2012, Trump would get a combination of a change in leadership with the continuity offered by somebody who has been a part of the Yellen-run Fed that has kept the economy and markets steady in recent years.



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