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Donald Trump nominates Jerome Powell as Fed chair
03 Noviembre 2017, 04:38 | Azura Castelo
President Trump has chosen Federal Reserve board memberJerome Powell to become the next chair of the U.S. central bank. Powell would also be the first investment banker to lead the central bank.
"A dovish rate hike from the Bank of England on Thursday has triggered a sell-off in the pound while yields on UK debt have also fallen", said Craig Erlam at OANDA. What's more, Powell has already been confirmed by the Senate twice: once to complete Frederic Mishkin's term as Fed governor, and again in 2014 for his own 14-year term.
Trump announced Thursday that he would replace Yellen at the end of her term in early February.
Likewise, the personnel change would have little impact on China's or other Asian economies, both of which have seen stable growth, although Beijing might be forced to play the rate hike game if the US stuck to its promise of steady increases, he said. My one mild critique of Yellen had been a neglect of the international side of her job, but even there she improved as she went along.
The ANC conference is viewed as a binary event in some quarters, meaning that its outcome will either drag the local economy into a deeper crisis or result in economic reforms, which could restore business and consumer confidence. The electric-car maker reported a quarterly loss of US$619 million, its largest deficit ever.
President Donald Trump says Yellen is a "spectacular person" and doing a "terrific job".
Tesla Motors sank 6.8 percent after it signaled it would miss a year-end target to produce 5,000 Model 3 cars a week.
There are some legitimate concerns about Trump's decision not to reappoint Janet Yellen.
"The economy is in very good shape".
Powell, known as Jay, has maintained a low profile on the Fed board - refraining, for example, from giving speeches on interest rate policy. Powell wasn't necessarily the first choice of Republicans, but he's much more palatable to them because he's seen as more willing to ease some of the complex bank regulations that were rolled out after the 2008 financial crisis.
At times, the rest of the world seems to care more about Fed policy than Americans do. But there's something about this decision that is just so Trumpian that I can't let it go. He has been the central bank's point man on regulation since April.
And Marianna Sofocleous at FXTM, said while normally, "such an auspicious event would have immediately elevated sterling and boosted sentiment towards the UK economy, however, we are seeing a completely opposite reaction".
Powell was originally nominated to the Fed's Board of Governors by President Barack Obama (though Powell is a Republican-the first cross-party nomination to the board since 1988). It left focus almost squarely on the U.S. payrolls report, which is expected to show a big rebound from September's hurricane-hit figures [nL2N1N80D3][nL2N1N81OL].
Much of the progress that was made then, and also in recovering from the economic crises in 1987 and 2001, was only possible because the Fed acted without regard to politics, so anything that threatens the independence of the Fed Chair has the potential to do harm. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2% inflation.
"He's been on the committee during a time of gradual expansion", Friedman said by phone. But make no mistake: the institution Powell will now head rules the global financial system. That was a similar move, in that it was less catastrophic than met the eye but still radically suboptimal.
Hartmann, an economist who pushed for Yellen's appointment, added that former chair Alan Greenspan "managed to transcend parties".
The balance sheet normalization program initiated in October 2017 is proceeding.
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