Fed: Clarida nominated for Fed Vice Chair – Danske Bank
|Analysts at Danske Bank note that last night it was made official that Trump is nominating Richard Clarida for Fed Vice Chair, succeeding Stanley Fisher, who stepped down in October.
Key Quotes
“In our view, it is a good choice given Clarida's very strong background as he has done much research on monetary policy, served as Vice Treasury Secretary and has worked at a financial institution (PIMCO, one of the largest fixed income investment firms). Clarida still needs Senate approval before taking up the position. Based on Clarida's recent comments, he is likely to be a centrist supporting the current policy of gradual hikes (three to four hikes this year). While we think the Fed is on autopilot at the moment, it is good in the long run with a very skilled Vice Chair, as the Fed has lost a lot of human capital with Janet Yellen, Stanley Fischer and soon William Dudley leaving the FOMC. Besides Clarida, Trump has nominated Michelle Bowman for Fed Governor (also requiring Senate approval).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.