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Trump picks Jerome Powell to succeed Yellen as Fed chair – CNBC

(CNBC)  President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires, in a move widely expected and one unlikely to disturb the roaring stock market.

Trump made the announcement during an afternoon ceremony in the Rose Garden.

The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered central to a climate of low interest rates and booming asset prices.

“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.”

“He’s strong, he’s committed and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump added

Read the full story here: Trump picks Jerome Powell to succeed Yellen as Fed chair – CNBC