President Trump is expected to name Federal Reserve board governor Jerome Powell as the next chair of the U.S. central bank on Thursday. Federal Reserve Chair Janet Yellen's term expires in February 2018. Powell is largely considered to be a safe pick that "signal[s] continuity with the current low-interest rate environment and take-it-slow approach that Yellen has overseen," Business Insider writes.
Still, whoever Yellen's successor, economists warn that the job ahead won't be easy. "Faster rate hikes could cool the stock market but risk holding inflation below the central bank’s target, possibly tipping the economy into a recession," Bloomberg writes. "Tightening too slowly could stoke asset values even further, creating trouble down the road. Powell, and Trump by association, will own the outcome."
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.
-
How to create a healthy 'germier' homeUnder The Radar Exposure to a broad range of microbes can enhance our immune system, especially during childhood
-
George Floyd: Did Black Lives Matter fail?Feature The momentum for change fades as the Black Lives Matter Plaza is scrubbed clean
-
National debt: Why Congress no longer caresFeature Rising interest rates, tariffs and Trump's 'big, beautiful' bill could sent the national debt soaring
-
Depleted FEMA struggling as hurricane season beginsspeed read FEMA has lost a third of its workforce amid DOGE cuts enforced by President Donald Trump
-
White House tackles fake citations in MAHA reportspeed read A federal government public health report spearheaded by Robert F. Kennedy Jr. was rife with false citations
-
Judge blocks push to bar Harvard foreign studentsspeed read Judge Allison Burroughs sided with Harvard against the Trump administration's attempt to block the admittance of international students
-
Trump's trade war whipsawed by court rulingsSpeed Read A series of court rulings over Trump's tariffs renders the future of US trade policy uncertain
-
Elon Musk departs Trump administrationspeed read The former DOGE head says he is ending his government work to spend more time on his companies
-
Trump taps ex-personal lawyer for appeals courtspeed read The president has nominated Emil Bove, his former criminal defense lawyer, to be a federal judge
-
US trade court nullifies Trump's biggest tariffsspeed read The US Court of International Trade says Trump exceeded his authority in imposing global tariffs
-
Trump pauses all new foreign student visasspeed read The State Department has stopped scheduling interviews with those seeking student visas in preparation for scrutiny of applicants' social media
