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Trump expected to choose Jerome Powell as Fed chair

Nov 02, 2017, 7:28 AM EDT
Jerome Powell is a multi-millionaire Republican and current Federal Reserve Governor.
(Source: Bipartisan Policy/flickr)

U.S. President Donald Trump plans to name Jerome Powell, a multi-millionaire Republican and current Federal Reserve Governor, to head the U.S. central bank, a move that comes as an assurance of continuity in existing monetary policy.

Trump, himself a beneficiary of Fed Chair Janet Yellen’s era of low-interest rate environment, favors Powell as he is likely to stick to the current policies by accelerating rates with an incremental pace, notes Fortune.

Powell’s appointment would provide investors more certainty on the Fed’s likely policy path although the development is a setback for those eying a stronger U.S. dollar, writes Reuters.

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