Jerome Powell listens as US President Donald Trump announces Powell as nominee for Chairman of the Federal Reserve in the Rose Garden of the White House in Washington, DC, November 2, 2017. / AFP / SAUL LOEB
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As a choice to lead the Federal Reserve, Jerome Powell defies any recent mold.Yet by the reckoning of Fed analysts Powell is equipped to lead the world's most influential central bank, presiding over a U.S. economy on solid ground but hardly without risks.A moderate who is expected to follow the cautious approach to interest rates of the current Fed chair, Janet Yellen, Powell could serve as a steadying force for the U.S. economy as well as a unifying figure among the central bank's policymakers. As a Fed governor, Powell has never dissented from a central bank decision.Powell was for two years a visiting scholar at the center, where he focused on helping avert a crisis over raising the government's debt ceiling, until he joined the Fed's board in 2012 .In contrast to Powell, his predecessors Bernanke and Yellen were nationally distinguished economists before their Fed chairmanships, with decades of research, papers and books attached to their names. In theory at least, they came to the top Fed job prepared to lead the central bank's response to unforeseen economic crises. In a speech last year, Powell spoke of the value of having 12 Fed branches spread across the country.Powell also appears to take music seriously.Four decades later, Tonelson reconnected with Powell after his appointment to the Fed.
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