WASHINGTON (AP) Two senior administration officials say Federal Reserve board member Jerome Powell is President Donald Trump’s choice to succeed Janet Yellen – who was the first woman to lead the U.S. central bank.
Trump plans to make the announcement later Thursday at the White House – and the officials are confirming that Trump’s settled on Powell as the next Fed chairman.
The officials weren’t authorized to discuss administration personnel decisions before the president’s formal announcement and spoke on condition of anonymity.
The 64-year-old Powell is seen as a safe choice. He’s supported the cautious approach to raising interest rates that Yellen has pursued during her tenure.
Powell spent years working at investment firms. Unlike the past three Fed leaders, he doesn’t have a doctorate degree in economics.
Yellen had drawn widespread approval for her performance as Fed chair.