Trump names Jay Powell to replace Janet Yellen as Fed chief

Millionaire Powell, 64, had been widely tipped as Trump’s choiceYellen’s four-year term as Federal Reserve head expires in FebruaryDonald Trump named Jerome “Jay” Powell as the new head of the Federal Reserve, the world’s most powerful central banker, on Thursday. “He’s strong, he’s committed, he’s smart,” Trump said, introducing his appointment in a short address outside the White House. Powell praised his predecessors, Janet Yellen and Ben Bernanke. He thanked the president for the “extraordinary opportunity” and said he was “committed to making the best decisions based on the best available evidence in the longstanding tradition of monetary independence”. Continue reading…

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