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published on November 2, 2017 - 12:56 PM
Written by Associated Press

(AP) — The Latest on President Donald Trump and the chair of the Federal Reserve (all times local):

11:26 a.m.
Mona Mahajan, an investment strategist for Allianz Global Investors, says Wall Street prefers Jerome Powell to other finalists for the Fed post, in part because he appears to share Chair Janet Yellen’s go-slow approach to interest-rate hikes.

“Relative to a John Taylor or Kevin Warsh, Powell is more of a continuity candidate,” Mahajan says, suggesting that low borrowing rates could support economic growth and a strong stock market.

Mahajan says she also thinks that more than Yellen, Powell, like Trump, might be inclined to relax some of the stricter regulations that were imposed on banks after the 2008 financial crisis.

“He wants to ease some of the Dodd-Frank rules and relieve some of the pressure on the region and community banks,” Mahajan says.

9:55 a.m.
Two senior administration officials say Federal Reserve board member Jerome Powell is President Donald Trump’s choice to succeed Janet Yellen — the first woman to lead the U.S. central bank.

Trump plans to make the announcement later Thursday at the White House — and the officials are confirming that Trump’s settled on Powell as the next Fed chairman.

The officials weren’t authorized to discuss administration personnel decisions before the president’s formal announcement and spoke on condition of anonymity.

The 64-year-old Powell is seen as a safe choice. He’s supported the cautious approach to raising interest rates that Yellen has pursued during her tenure.

Powell spent years working at investment firms. Unlike the past three Fed leaders, he doesn’t have a doctorate degree in economics.

Yellen had drawn widespread approval for her performance as Fed chair.


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