Trump expected to announce Jerome Powell as Fed chair Thursday


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."
Read why The Week's Jeff Spross calls Powell a "surprisingly good" choice for the job here.
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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
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