President Trump is reportedly leaning toward Jerome Powell, a former investment banker and Treasury Department undersecretary who is presently serving on the Federal Reserve's board of governors, as his pick to replace the Obama-nominated Janet Yellen as the new Fed chair when her term expires in February. Both CNN and The Wall Street Journal on Saturday reported Trump has "settled" on Powell but "hasn't made a formal decision and could still change his mind."
Powell was nominated to his current post by former President Obama, which could help his Senate confirmation process. He has a good working relationship with Treasury Secretary Steven Mnuchin, who also hails from Wall Street. Powell would be the first fed governor in years to hold a law degree rather than a Ph.D. in economics, and he is expected to basically maintain the central bank's status quo if selected.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Zack Polanski: the 'eco-populist' running for Green Party leaderIn The Spotlight 'Insurgent' party deputy is making a bid to take the Greens further to the left
-
Do smartphone bans in schools work?The Explainer Trials in UK, New Zealand, France and the US found prohibition may be only part of the solution
-
Doom: The Dark Ages – an 'exhilarating' prequelThe Week Recommends Legendary shooter adds new combat options from timed parries to melee attacks and a 'particularly satisfying' shield charge
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
