Trump Nominates Jerome Powell for Federal Reserve Chairmanship
Jerome Powell's nomination to lead the Federal Reserve has sparked interest in his views on U.S. monetary policy. Trump is expected to nominate Powell, a current Federal Reserve Governor, for the top banking job when Chair Janet Yellen's term ends in February 2018.
Powell would take over the central bank amid a gradual process of interest-rate increases and an unprecedented operation to shrink its balance sheet. In October, he stated that U.S. monetary policy normalization should continue gradually as long as the economy evolves roughly as expected.
Powell also emphasized the importance of reducing the balance sheet, saying it's hard for him to see it getting lower than $2.5 trillion, assuming a five-year normalization process and a return to small reserves.