President Donald Trump is expected to name Jerome Powell today as the next chairman of the Federal Reserve, the world’s most powerful central banker.
Two senior officials told the Associated Press that Powell will replace Janet Yellen, who was appointed head of the Federal Reserve by former president Barack Obama in 2014. Reuters and the Wall Street Journal also named Powell as the successor to Yellen, whose term ends in January.
Federal Governor Jerome “Jay” Powell, a former private-equity executive, has in the past supported Yellen’s cautious approach to raising interest rates. Should he replace her, his leadership would be “likely to combine continuity on interest-rate policy with perhaps a lighter touch on financial regulation”, says The Wall Street Journal says.
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.
“A centrist on monetary policy, he is known as a pragmatic and down-to-earth official with private sector and government experience,” the Financial Times says. “A trained lawyer and former partner at private equity firm Carlyle, he also served in the Treasury under former president George H. W. Bush in the 1990s.”
Powell would be the first Federal Reserve leader in almost 40 years to lack an advanced degree in economics, AP says. The website adds that he might be “marginally more favorable toward easing some of the stricter financial rules” introduced following the 2008 financial crisis than Yellen.
-
Wilde Cambridge: home-away-from-home in a prime city spotThe Week Recommends This laid-back aparthotel is the perfect base for a weekend of exploring
-
The best alcohol-free alternatives for Dry JanuaryThe Week Recommends Whether emerging from a boozy Christmas, or seeking a change in 2026, here are some of the best non-alcoholic beers, wines and spirits to enjoy
-
A lemon-shaped exoplanet is squeezing what we know about planet formationUnder the radar It may be made from a former star
-
How prediction markets have spread to politicsThe explainer Everything’s a gamble
-
What will the US economy look like in 2026?Today’s Big Question Wall Street is bullish, but uncertain
-
Unemployment rate ticks up amid fall job lossesSpeed Read Data released by the Commerce Department indicates ‘one of the weakest American labor markets in years’
-
Who will be the next Fed chair?Today's Big Question Kevin Hassett appears to be Trump’s pick
-
Fast food is no longer affordable for low-income AmericansThe explainer Cheap meals are getting farther out of reach
-
How Tesla can make Elon Musk the world’s first trillionaireIn The Spotlight The package agreed by the Tesla board outlines several key milestones over a 10-year period
-
Is the job market frozen or faltering?Today's Big Question Layoffs raise alarms while young workers eye law school
-
Is the US in recession?Today's Big Question ‘Unofficial signals’ are flashing red
