Lawrence Summers

Trump expected to tap Federal Reserve official Jerome Powell to replace Janet Yellen as central bank chief

Trump expected to tap Federal Reserve official Jerome Powell to replace Janet Yellen as central bank chief

President Trump is leaning toward picking Federal Reserve official Jerome H. Powell, a Republican lawyer and former investment banker, to replace Janet L. Yellen as head of the central bank, according to a person close to the White House with knowledge of the process.

The president could still change his mind before Thursday’s formal announcement, the person cautioned. Powell has the backing of Treasury Secretary Steven T. Mnuchin, and in the...

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