US President Donald Trump has nominated Jerome H. Powell, 64, as the new chairman of the Federal Reserve. If confirmed by the Senate, he will replace the current chair, Janet Yellen, when her four-year term concludes in February, RT reports.
The US Federal Reserve is the institution tasked with keeping the US economy on track and deciding interest rate levels. US unemployment is currently at a 16-year low but while the economy is strengthening, low inflation continues to suppress wages.
Powell is expected to follow the course laid out by his predecessor Janet Yellen: gradually raising rates while simultaneously rolling back the Fed's $4.5 trillion portfolio of Treasuries and securities built up to offset the costs of the 2008 financial crisis. The Fed has raised interest rates four times since December 2015.
