Trump reportedly leaning toward Powell for Fed chairman

Marco Green
October 24, 2017

U.S. President Donald Trump told reporters on Monday he is "very, very close" to making his decision on who should chair the Federal Reserve.

Trump's choice for the next Fed chair is narrowed down to a short list of three to five people, including current Fed chair Janet Yellen, whose term expires in February.

Chairs represent the Fed before Congress but only have limited power behind the scenes.

During an interview with Fox Business Network, Trump named several candidates. "If it's John Taylor, then the rate hikes in the outer years could be much greater, where we believe if Janet Yellen or Powell gets appointed, then perhaps the neutral rate will be substantially lower", Morganlander said.

It's not clear which of the two men would be chairman and which would be vice chair, a position that Trump also needs to appoint after Stanley Fischer stepped down earlier this week.

But Trump also said he's considering "a couple of others", which could include National Economic Council Director Gary Cohn and former Fed Governor Kevin Warsh. Trump is expected to announce his pick before leaving for an Asia trip on November 3.

Other reports by Click Lancashire

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