Jerome Powell: The Republican Yellen?

Yesterday, President Trump nominated Jerome Powell to be the new chairman of the Federal Reserve. If the Senate confirms him, Powell will take over when Janet Yellen’s term ends in February. Powell has been called the “Republican Yellen” by supporters and detractors alike because of the expectation that he will move the Fed in a more deregulatory direction, but stay the course Yellen set when it comes to monetary policy. Since being appointed as a Fed governor in 2012, Powell has consistently voted with Yellen — and before her, Ben Bernanke — on questions of policy. Yellen’s monetary policy has been characterized by patience: The Yellen-led Fed has gradually raised the federal-funds rate and reduced its massive balance sheet. Powell delivered a speech in June that laid out views mostly in line with Yellen’s.

Read more at: http://www.nationalreview.com/corner/453407/jerome-powell-republican-yellen

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