Trump nominates Jerome Powell for Fed chair

Jerome Powell interviewed at Jackson Hole Wyoming on Friday

This afternoon President Donald Trump is expected to announce the nomination of Jerome Powell to replace Janet Yellen as the chair of the Federal Reserve. Trump said Yellen was a "wonderful woman" and that she has done a "terrific job", but Trump thought Powell would be a better person for the job.

"My strong view is that this institutionalized diversity of thinking is a strength of our system", Powell said.

He made his first foray into government in 1990, when he became undersecretary of Treasury for finance under President George H.W. Bush, overseeing policy on financial institutions and the federal debt market.

Yellen "should be grateful" to step down now because "she'll go out on top", Greg Valliere, chief global strategist at Horizon Investments, wrote in a note to clients.

But asked if she was his pick, the president said: "I didn't say that".

Trump conducted his search for a Fed leader in an unusually open manner, with reporters kept apprised of Trump's string of interviews with the finalists. "That strategy has been largely successful", said University of Oregon economist Tim Duy.

Nope. He'll be the first Fed chair since Paul Volcker to not have a PhD in economics.

"I.am committed to making decisions with objectivity and based on the best available evidence, in the longstanding tradition of monetary policy independence", said Powell at his nomination announcement.

Powell is often characterized as a moderate dove or neutral on the path of interest rates.

What Powell brings to the position most of all, they say, are a formidable intelligence, an appreciation of intellectual diversity and a gift for forging agreement. Market reaction to this announcement has been sanguine, with commentators describing Powell as the "continuity candidate".

Stephen Moore, an economist at the Heritage Foundation who was a senior economic adviser to Trump's campaign, said Trump wants someone who will support loosening regulations. He has served on the Fed board since 2012 after a career as an investment manager through which he amassed personal wealth in the tens of millions.

So, he's not an economist? Before leading the Fed, Yellen had served as vice chair since 2010, when she also began a term as board member that expires in 2024.

Meanwhile, the tax reform proposal, which would dramatically slash corporate rates, was touted by Trump and allies in Congress as crucial to speed economic growth.

Trump and Powell offered extensive praise for Yellen, who they said demonstrated judicious economic stewardship during the current recovery.

To Sen. Elizabeth Warren, D-Mass., Trump's decision shows "his focus is not on creating jobs or raising wages or stopping another financial crisis, but on reversing any decision President Obama made".

Raskin credited Yellen with "almost flawlessly" executing the Fed's plan to lift rates.

Benchmark 10-year U.S. Treasury notes last rose 8/32 in price to yield 2.3487 percent, from 2.376 percent late on Wednesday.

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