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President Donald Trump is set to nominate former Federal Reserve economist Nellie Liang to the central bank's board of governors, tapping an official who played a key role at the Fed in dealing with the aftermath of the 2008 financial crisis. White House spokeswoman Lindsay Walters confirmed the president's intention, which was first reported Wednesday by The Wall Street Journal.
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YOU KNOW these are interesting times in the U.S. economy when it's a positive sign that the unemployment rate just went up. On Friday, the Labor Department reported that the jobless rate ticked up from 3.8 percent in May to 4.0 percent in June, but that's good news because it reflected an increase of job seekers of approximately 600,000, drawn from the pool of previously discouraged workers.
The Federal Reserve kept its benchmark interest rate unchanged Wednesday but noted inflation is nearing the Fed's 2 percent target rate after years of remaining undesirably low. The Fed ended its latest policy meeting by leaving its key short-term rate unchanged at 1.5 percent to 1.75 percent, the level it set in March after its sixth rate increase since December 2015.
The US Federal Reserve achieved an inflation milestone this week, but that isn't likely to alter expectations for what the Fed will announce when its latest policy meeting ends Wednesday. FILE - This June 19, 2015, file photo shows the Marriner S. Eccles Federal Reserve Board Building in Washington.
Last week, for the 10-year anniversary of the Bear Stearns failure, Marketplace released an hourlong interview with the key economic policymakers involved: Former Federal Reserve chair Ben S. Bernanke, George W. Bush administration treasury secretary Henry M. Paulson Jr., and former New York Federal Reserve president Timothy F. Geithner, who would later become President Barack Obama's treasury secretary. Listening to their recounting of the start of the financial crisis, I found myself unexpectedly wistful.
This month marks the 10th anniversary of the financial meltdown. However, a critical turning point took place on a single night at the Capitol when the banking system was within hours of shutting down ATMs across the country.
For years, many liberal economists have argued that a little more federal spending and a higher budget deficit would create a stronger economy. Now, they're getting their wish, or at least a fun-house mirror version of it.
Jerome Powell won't run the Federal Reserve too differently than Janet Yellen would have. But, because he is not her and was not President Barack Obama's nominee, he will start a four-year term as Fed chairman Monday while she begins as a think tanker at the Brookings Institution.
Jerome Powell has won Senate confirmation to head the U.S. central bank, inheriting an economy on a roll, a booming stock market and unemployment at a 17-year low. He will succeed Janet Yellen, the first woman to serve as Fed chairman, when her term ends on Feb. 3. The position is considered the government's most power economic job.
The Senate on Tuesday approved President Donald Trump's selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.
The Federal Reserve is raising its benchmark interest rate for the third time this year, signaling its confidence the U.S. economy remains on solid footing 8 years after the end of the Great Recession. The Fed is lifting its short-term rate by a modest quarter-point to a still-low range of 1.25 percent to 1.5 percent.
Jerome Powell, President Donald Trump's pick to be chairman of the Federal Reserve, told senators at his confirmation hearing Tuesday that he believes some bank regulations can be rolled back - something the administration and Wall Street favor. But he stressed that he will protect the central bank's political independence, calling it vital for the Fed's role.
The U.S. Federal Reserve should "respond decisively" to any new economic crisis, Fed chair nominee Jerome Powell told the Senate Banking Committee on Tuesday, positioning himself as an heir to the central bank policies of current chair Janet Yellen and her predecessor Ben Bernanke. At his confirmation hearing before the banking panel, President Trump's nominee to take over as Fed chair endorsed the core ideas that have defined U.S. central banking since the financial crisis of 2007 to 2009 - a willingness to move aggressively against a downturn, and an insistence on flexibility and independence from political influence in setting policy.
If confirmed by the Senate, Federal Reserve chair nominee Jerome Powell would continue the current policy of gradually raising interest rates. But in a break with tradition, he's not an economist.
President Donald Trump on Thursday announced his choice of Federal Reserve board member Jerome Powell to be the next chairman of the nation's central bank, succeeding Janet Yellen, the first woman to hold the position. Trump made the announcement in a Rose Garden ceremony with Powell standing next to him.
If Jerome Powell is tapped as the next chairman of the Federal Reserve, he'll be the first former investment banker to hold the position. Sources tell CNN Trump is likely reveal his pick to head the Fed on Thursday, and Powell, 64, is reported to be the leading contender .
Donald Trump would be wise to reappoint Federal Reserve Chair Janet Yellen, whose term expires in February. Keeping Yellen would plainly serve Trump's political interests.
His pick is not as relevant as many are making it out to be because with a few exceptions, Fed chairs are not bigger than the institution they oversee, Gluskin Sheff's David Rosenberg argues. The next chair will direct the huge task of slowly reversing the Fed's accommodative policies without causing another recession.