US Pres. Trump: Powell understands what it takes to make economy grow

Following his announcement of Jerome Powell as the next Chair of the Board of Governors of the Federal Reserve System nominee, US President Trump is delivering his remarks.

U.S. economy requires sound monetary policy.

Powell will lead an independent central bank.

Powell is a consensus builder for sound monetary policy, has wisdom and leadership to guide economy through any challenges.

Hope senate will swiftly confirm Powell.

Powell understands what it takes to make economy grow.

If confirmed he will seek stable prices and maximum employment.

Key notes

FOMC meeting overshadowed by Fed chair announcement - Danske Bank.

According to analysts from Danske Bank, the Federal Reserve will hike rates in December. They see yesterday’s meeting overshadowed by Trump’s announcement of the next chair. 

US: Powell expected to be nominated to succeed Janet Yellen as Fed Chair - HSBC.

Fed Governor Jerome Powell is expected to be nominated to succeed Janet Yellen as Fed Chair in February 2018 and this outcome would imply likely continuity in US monetary policy; a lighter touch on bank regulation, however, is possible, according to analysts at HSBC.

About Jerome Powell (via federalreserve.gov)

Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.

Prior to his appointment to the Board, Mr. Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 through 2005, Mr. Powell was a partner at The Carlyle Group.