U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve moves to the podium at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria
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Donald Trump's decision to elevate Jay Powell to the position of Federal Reserve chair represents a rejection of calls for radical change among conservative Republicans in favour of stability at the US central bank.Under Mr Powell, the gradualism pursued by Ms Yellen when it comes to rate rises is unlikely to change suddenly, and nor is the Fed's policy of slowly but steadily reducing the size of its $4.5tn balance sheet.r Joined Fed board in 2012 after being nominated by Barack ObamaMr Powell is popular among Fed staff, and is known for having a pragmatic and consensual approach to policymaking.That regulatory role has been taken over by Randal Quarles, the Fed's newly arrived vice-chair of financial supervision, and Republicans will be looking to him and Mr Powell to work closely to further lessen the burden of Fed oversight in particular in the area of the central bank's stress tests of leading financial institutions.
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