Business Federal Reserve Donald Trump Janet Yellin Jerome Powell When it comes to the Federal Reserve, President Donald Trump has been all over the map. He’s alternately praised and attacked its leader, Janet Yellin. During the 2016 campaign, he labeled her a stooge of President Barack Obama who he said was keeping interest rates and the economy humming just to get Hillary Clinton elected. “The Fed has become very political,” Trump said. “Beyond anything, I would have ever thought possible.” (More often than not, though, he said the economy was in a ditch—one time he even said unemployment was 42 percent.) “Janet Yellen is highly political and she’s not raising rates for a very specific reason, because Obama told her not to, because he wants to be out playing golf in a year from now and he wants to be doing other things and he doesn’t want to see a big bubble burst during his administration.” Last week, he was … [Read more...] about Who Is Jerome Powell, Trump’s Likely Pick to Chair the Federal Reserve?
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Last Updated Nov 2, 2017 3:56 PM EDT President Trump on Thursday nominated Jerome "Jay" Powell as chairman of the Federal Reserve.Powell, who sits on the Fed's Board of Governors, will succeed Janet Yellen as head of the central bank, a critical post responsible for guiding monetary policy and helping to steer the U.S. economy. The choice is likely to prove popular with financial markets given that Powell is closely aligned with Yellen in favoring a cautious approach to raising interest rates as the economy continues to recover from the 2008 financial crisis. In naming Powell as Yellen's successor, in an appearance at the White House's Rose Garden, the president said, "Jay has the wisdom and leadership to guide our economy" and lauded his experience in both government and business.Called the "Republican Yellen," Powell, in his fifth year on the Fed's board, has been a reliable backer of her slow tempo of rate increases, as well as her gradual approach to decreasing the central … [Read more...] about Trump nominates Jerome Powell as Federal Reserve chairman
Last Updated Dec 13, 2017 6:14 PM EST The Federal Reserve is raising a key interest rate for the third time this year, signaling continued confidence in a U.S. economy that's moving into its ninth year of expansion. The target federal funds rate — what banks charge each other for loans — has been raised to the range of 1.25 to 1.5 percent, or a hike of one-quarter of a percentage point. It's the fifth rate increase during Federal Reserve Chair Janet Yellen's tenure. Yellen is stepping down in January, to be replaced by Jerome Powell. The Federal Reserve Open Markets Committee, the central bank's rate-setting body, factored in the expected effects of the tax cut package that is in its final stages in Congress. "We have seen a significant increase in the stock market, and at least some portion of that likely reflected expected tax changes," Yellen told reporters on Wednesday. While saying it would be "very difficult" to achieve the 4 percent growth President … [Read more...] about Federal Reserve raises key interest rate, signaling economic confidence
Last Updated Oct 30, 2017 1:18 PM EDT President Donald Trump has had five leading candidates to be the next chair of the Federal Reserve, including a Republican Fed governor who's been allied with current chief Janet Yellen, a Stanford University professor who opposes Yellen's policies or Democrat Yellen herself. But CBS News has confirmed that Yellen, who has led the central bank since 2014, is out of the running.The remaining candidates, all Republicans, are defined by comparison with Yellen, a liberal Democrat. The president intends to make his pick, which the Senate must confirm, before he leaves for a trip to Asia on Friday. "People are anxiously awaiting my decision as to who the next head of the Fed will be," Mr. Trump tweeted on Friday, promising that a big announcement is coming. Whomever he chooses will have enormous sway over the economy, as the leader of the central bank for the world's largest economy, at a time the Fed is pushing up interest rates kept low in … [Read more...] about Trump poised to name his candidate to lead the Federal Reserve
America Facebook Twitter Flipboard Email Enlarge this image Jerome Powell, President Trump's pick for chairman of the Federal Reserve, testifying before a Senate committee in November 2017. He was confirmed by the full Senate on Tuesday. Carolyn Kaster/AP hide caption toggle caption Carolyn Kaster/AP Jerome Powell, President Trump's pick for chairman of the Federal Reserve, testifying before a Senate committee in November 2017. He was confirmed by the full Senate on Tuesday. Carolyn Kaster/AP The Senate approved President Trump's nominee, current Federal Reserve Board Governor Jerome Powell, as the new head of the nation's central bank on Tuesday. The confirmation came in a vote of 84-13, an unsurprising action given Powell's support among Republicans and Democrats alike who expect that he will follow the policies of the outgoing Chair Janet Yellen. Yellen was the first woman to head the Fed. Trump had the option of appointing her to a second term, … [Read more...] about Senate Confirms Jerome Powell As New Federal Reserve Chair