>> A big reveal is expected this week when US President Donald Trump announces his pick for the next chair of the Federal Reserve. Trump hyping the drama with a video released Friday on social media, saying he has, quote, someone very specific in mind. Several reports saying that person is current Fed Governor, Jerome Powell, appointed by President Obama.
Powell, a lawyer and former investment banker for the Carlisle group. Powell's been on Trump's short list for the top spot at the Central Bank, along with current Fed Chair, Janet Yellen, Stanford University economist, John Taylor, former Fed Governor, Kevin Warsh, and Trump's National Economic Council Director, Gary Cohn.
Trump's announcement comes as Fed officials, this week, hold their second to last meeting of the year on monetary policy. The Central Bank, likely to raise interest rates at their December meeting, with the Feds seeing the economy is growing at a decent rate. A potential reason for keeping current Chair, Janet Yellen, in place.
If appointed, Powell would take the reins in February, when Yellen's four year term is set to expire.