Federal reserve governor Jerome Powell will be the one to get the nod to replace janet yellen, who actually was up for it. There is a mystery here, why replace janet yellen with basically what many experts see as her identical twin when it comes to the pace, you cant be if youre a guy, fraternal twin when it comes to the pace of Interest Rate hikes . Powell in lockstep with janet yellen on just about anything. What dont we been him that makes him President Trumps number one choice . Powell would be by the way the first fed chair in four decades without an advanced degree in economics. No ph. D. Either. He is a princeton grad, law degree from georgetown and wealthiest Federal Reserve chair since 1948 with a career spanning from wall street to washington. Hes been a fed governor since 2012, a former assistant treasury secretary i believe under Nicholas Brady and former partner at private equity firm the carlyle group. Charlie gasparino in the newsroom, way out in front of the fed chair s
Reading of the history of the fed. R more importantly is to look forward to what we presume chairman powell will do. Scarlet that enough it will come at around 3 00 p. M. Eastern time. He is set to make an announcement in the rose garden. Michael what do we really know about jay powell . A lot of people expressing ancerns about him not being economist. He went to princeton and georgetown law. He was a lawyer but went into investment trading and he worked a number of the biggest houses on wall street. Deals and then he went into government and worked for George H W Bush funding the government and supervising financial institutions. A lot of experience before joining the fed. What do we know about what he wants to do . Let us take a look at some of the things we know he has told us. He knows that economy is growing at about 2 , and we are close to full employment. Inflation is going to move up to 2 , according to mr. Powell. Low productivity is the biggest reason we seeing depressed wage
Andrew levin, whos professor of economics at Dartmouth College and former adviser to former fed chair ben bernanke victoria fernandez from crossmart Global Investments is in houston congratulations. Thank you. Peter costa from empire executions is sheer at pohere a9 with us. Rick santelli is at the cme. Were going to get reaction later from former Federal Reserve governor larry meyer with us and Richard Fisher well get color from them on the new nominee, the impact he will have on the Federal Reserve Going Forward. Steve, lets start with you. As we await the president , to come out of the oval office which could happen any moment here, hes considered the safe pick why . Well, i think because he doesnt want to have a huge change at all in policy. Doesnt he loves the way the markets have been behaving doesnt really want to upset that particular apple cart look, were not sure whos going to be appointed, bill, but i thought we might just talk about the bio of Jerome Powell, how about . The
Also, i want to welcome the chairman of the Senate Banking committee, who has done an incredible job, mike crapo. Great job, appreciate it. [applause] pres. Trump as president , there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. Few of those trusted positions are more important than the chairman of the Federal Reserve. Accordingly, it is my pleasure and honor to announce my nomination of Jerome Powell to be the next chairman of the Federal Reserve. Congratulations. Mr. Powell thank you. [applause] pres. Trump he is joined by his sisters, and io say congratulations to you all. Bow, youake that deserve it. Thank you for being here. Today is another important milestone on the past to restore Economic Opportunity for the american people. And just a short time, we have already made incredible strides. Unemployment is at its lowest level in more than 16 years. You know that very well. You know that very we
I am pleased to welcome members of the cabinet, members of congress and distinguished guests to the white house rose garden this afternoon. Also, i want to welcome the chairman of the Senate Banking committee, who has done an incredible job, mike crapo. Where is mike . Please, mike. Great job. Appreciate it. [applause] pres. Trump as president , there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. Few of those trusted positions are more important than the chairman of the Federal Reserve. Accordingly, it is my pleasure and honor to announce my nomination of Jerome Powell to be the next chairman of the Federal Reserve. Congratulations. Mr. Powell thank you. [applause] pres. Trump he is joined by his wife and his two sisters, and i say congratulations to you all. Please, take that bow, you deserve it. Thank you for being here. Today is another important milestone on the past to restore Economic Opportunit