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Jakarta Post

What to expect from the change of Fed chair

Singapore   /   Thu, November 16, 2017   /  08:45 am
What to expect from the change of Fed chair Federal Reserve building. (Shutterstock/File)

Just before leaving for his trip to Asia, United States President Donald Trump made an announcement nominating governor Jerome Powell as his candidate to replace Professor Janet Yellen as chair of the Federal Reserve Bank of the United States (Fed), whose term ends in February 2018. At the start of the Trump administration it was almost certain that Yellen would not be reappointed to serve a second term, as Trump kept criticizing Yellen’s policy of raising the prime rates. But, his criticism disappeared months into the presidency, when he recognized that the Fed had raised prime rates to his liking, i.e. at a slow pace. Regarding who will replace her as the new chair, most would previously have mentioned Gary Cohn, who joined the Trump administration as an economic advisor and director of the National Economic Council. In President Trump’s plan to change the Washi...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.