Mary: I’m Mary Walden with economist MW, welcoming you to the economic perspective. Today’s program looks at the new head of the Fed. Well Mike, the suspense – at least for economists – is over. President Trump has nominated a new person to be the chair of the Federal Reserve Board. Who is it, and what does the appointment mean?
Mike: Summary Answer
- Jerome Powell – currently on the Fed Board – nominated to replace Janet
- lawyer and investment banker, previously served in the Treasury Dept.
- first non-Ph.D. degreed economist to head the Fed since Paul Volcker in the
- still, considered a thorough studier, but will likely rely more on staff
- expected to continue Yellen’s policies of gradually increasing interest rates
and gradually reducing the Fed’s portfolio – so not much change in policy
- expected to be easily confirmed
- incidentally, Janet Yellen can continue to stay on the Fed Board if she wants
- President also has 3 other vacancies to fill
- I’m MW
Mary: And I’m Mary Walden for N C State Extension