15 Views

Trump concludes Fed chair interviews, could decide next week: source

© Reuters. FILE PHOTO: Federal Reserve Chair Janet Yellen testifies before a Senate Banking Committee hearing on the 'Semiannual Monetary Policy Report to the Congress' on Capitol Hill in Washington© Reuters. FILE PHOTO: Federal Reserve Chair Janet Yellen testifies before a Senate Banking Committee hearing on the ‘Semiannual Monetary Policy Report to the Congress’ on Capitol Hill in Washington

By Jeff Mason and Steve Holland

WASHINGTON (Reuters) – President Donald Trump has concluded interviews with the five candidates he is considering to chair the Federal Reserve and could announce a decision as early as next week, a source familiar with the process said on Thursday.

Trump met with current Fed chair Janet Yellen on Thursday. That meeting “went well,” the source said, adding that Trump had not made up his mind one way or the other about his list.

“I don’t think he’s leaning yet,” the source said.

Other contenders to lead the U.S. central bank are top Trump economic adviser Gary Cohn, Fed Board Governor Jerome Powell, former Fed governor Kevin Warsh and Stanford University economics professor John Taylor. [nL2N1MS2D8]

Powell, who is viewed as representing a continuation of Yellen’s gradualist approach to raising interest rates, along with Warsh, are seen as the top contenders.

Despite his time as Fed Governor under Chair Ben Bernanke, Warsh is seen as a less well-known nominee. He has criticized the Fed’s bond-buying program and advocated changes in its inflation target.

U.S. Treasury yields briefly renewed their drop late Thursday after Politico reported that Trump was leaning toward nominating Powell for the job.

Trump leaves on Nov. 3 for a tour of Asia and is expected to announce his choice before that trip.

The president told reporters on Tuesday that he likes all five candidates. “I’ll make a decision over the next fairly short period of time,” Trump said.

Meanwhile, a member of the U.S. House of Representatives’ Freedom Caucus mounted a campaign to kill any chance of a second term for Yellen, the latest sign conservative Republicans want a fresh face at the helm of the Fed, which sets U.S. monetary policy.

Representative Warren Davidson, a Republican on the House Financial Services Committee’s monetary policy panel, is among those who want a change. He is circulating a letter opposing Yellen’s reappointment, the Ohio congressman’s spokesman said.

“Davidson is very passionate about this process,” the spokesman said, adding that the lawmaker is particularly concerned about the impact Fed policy has had on the ability of small firms to raise operating funds.

Members of the Freedom Caucus, the most conservative Republican grouping in Congress, have been critical of Yellen, with some accusing her of keeping monetary policy too loose.

Key members of the House Financial Services Committee also have backed ideas proposed by contenders to replace Yellen. Taylor’s research, for example, figured prominently in a House-passed bill requiring the Fed to explain its actions through a strict set of rules.

The House, however, has no direct control over the appointment of a Fed chief. The Senate decides whether to confirm the president’s nominee.

Trump has criticized Yellen in the past and vowed to “drain the swamp” in Washington by naming new people to top jobs and embracing different ideas. But his economic agenda could benefit from the steady economic conditions fostered by Yellen’s Fed.

Cohn’s chances of getting the job were thought to have dimmed after he publicly criticized the president’s response to a white supremacist rally in Virginia.

But the top White House economic adviser, who is helping to lead the administration’s push for tax reform, has since gotten back into Trump’s good graces.

sponsoredArticle = ‘div-gpt-ad-1466339494851-0’;

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Four dead in ambush of World Food Programme convoy in Nigeria
News
193 views
News
193 views

Four dead in ambush of World Food Programme convoy in Nigeria

SPFadmin - December 21, 2017

Four dead in ambush of World Food Programme convoy in Nigeria BAUCHI, Nigeria (Reuters) - Four people were killed when a United Nations World Food Programme (WFP)…

Trump says not considering firing U.S. special counsel Mueller
News
161 views
News
161 views

Trump says not considering firing U.S. special counsel Mueller

SPFadmin - December 21, 2017

© Reuters. FILE PHOTO: FBI Director Mueller testifies at a security threat hearing on Capitol Hill in Washington WASHINGTON (Reuters) - President Donald Trump, when asked on…

Diminished winds help California battle historic wildfire
News
155 views
News
155 views

Diminished winds help California battle historic wildfire

SPFadmin - December 21, 2017

© Reuters. Firefighters keep a close watch on the Thomas wildfire in the hills outside Montecito, California By Phoenix Tso VENTURA, Calif. (Reuters) - Calming winds on…

Chilean conservative Pinera seen winning presidency: media forecast
News
157 views
News
157 views

Chilean conservative Pinera seen winning presidency: media forecast

SPFadmin - December 21, 2017

© Reuters. Chilean presidential candidate Pinera with his grandchildren and his wife Morel speaks to the media after voting in a public school during the presidential election,…

Nuclear, renewables to help French CO2 reduction goals, Macron says
News
151 views
News
151 views

Nuclear, renewables to help French CO2 reduction goals, Macron says

SPFadmin - December 21, 2017

© Reuters. French President Macron and German Chancellor Merkel give a joint news conference in Brussels PARIS (Reuters) - French President Emmanuel Macron said on Sunday he…

U.S. Inflation Rebound Hasn’t Been the Right Kind for This Fed
Economy
188 views
Economy
188 views

U.S. Inflation Rebound Hasn’t Been the Right Kind for This Fed

SPFadmin - December 21, 2017

© Bloomberg. The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Friday, Nov. 18, 2016. Federal Reserve Chair Janet Yellen told lawmakers on…

‘Ronaldo of finance ministers’ becomes new Eurogroup chairman
Economy
174 views
Economy
174 views

‘Ronaldo of finance ministers’ becomes new Eurogroup chairman

SPFadmin - December 21, 2017

© Reuters. Centeno, Portugal's Finance Minister and newly elected President of the Eurogroup, holds a news conference at the European Council in Brussels By Jan Strupczewski and…

Macron sees February end to fight against Islamic State in Syria
News
180 views
News
180 views

Macron sees February end to fight against Islamic State in Syria

SPFadmin - December 21, 2017

Macron sees February end to fight against Islamic State in Syria PARIS (Reuters) - The military campaign against Islamic State in Syria should be completed in February…

Oil prices stable on lower U.S. crude stocks, but rising output weighs
Commodities
157 views
Commodities
157 views

Oil prices stable on lower U.S. crude stocks, but rising output weighs

SPFadmin - December 21, 2017

© Reuters. A gas station attendant pumps fuel into a customer's car at a gas station in Shangha By Henning Gloystein SINGAPORE (Reuters) - Oil prices were…

Iran airs ‘confessions’ of researcher facing death for spying
News
82 views
News
82 views

Iran airs ‘confessions’ of researcher facing death for spying

SPFadmin - December 21, 2017

Iran airs 'confessions' of researcher facing death for spying By Bozorgmehr Sharafedin LONDON (Reuters) - Iranian state television broadcast on Sunday what it described as the confessions…