>> A big reveal is expected Thursday when US President Donald Trump announces his pick for the next Chair of the Federal Reserve. That person said to be current Fed Governor Jerome Powell. A lawyer Lawyer and former investment banker for the Carlyle Group, a source tells Reuters. 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 Don Taylor Former fed governor Kevin Walsh and Trump's national economics council director, Gary Cone.
An announcement Thursday would make sense as it would come after the fed's two day meeting this week on monetary policy. And one day before Trump leaves for Hawaii and a nearly 2 week trip to Asia. The central bank likely to raise interest rates at their December meeting with the Fed seeing the economy is growing at a decent rate.
A potential reason for keeping current Chair Janet Yellen in place. But by picking Powell, Trump gets both a change in leadership and the continuity offered by someone who has been a part of the Yellen run Fed, that's help keep the economy steady. Powell has generally supported Yelin's direction in monetary policy.
If appointed, Powell would take the reigns in February, when Yelin's four year term is set to expire.