Donald Trump informed Federal Reserve Governor he was picked to replace Yellen

Vastavam web: President Donald Trump has informed Federal Reserve Governor Jerome Powell that he is the pick to replace Janet Yellen at the helm of the central bank, a media report said today.The Wall Street Journal report quoted two people familiar with the matter as saying Trump spoke to Powell yesterday to inform him of the decision.
If confirmed by the Senate, Powell would take over from Yellen when her four-year term as Fed chair expires in February. Powell has already been through that confirmation process in order to become a member of the Fed’s board.The choice marks the first time since Jimmy Carter’s administration in the 1970s that a president has failed to reappoint the Fed chair named by his predecessor.
After months of public debate, analysts say Powell represented a middle-ground option for the president, who wanted to mark a departure from the Obama era, while markets prefer continuity and favoured Yellen who has presided over an era of low inflation and steady economic growth.