Fed Nominee Powell Another Nod To Practitioners In Key Economic and Regulatory Post

There are many similarities between Federal Reserve Governor Jerome  Jay Powell, nominated Thursday to become the central bank’s Chairman, and outgoing Chair Janet Yellen. But there are also important differences, even if nuanced. Kevin Logan, HSBC’s chief US economist, expects a “continuity in US monetary policy” with perhaps a “lighter touch on bank regulation.” Much like Trump’s appointment of derivatives industry leader J. Christopher Giancarlo to head the CFTC, Powell has a strong background in investment management, not academia. [reits] Jay Powell not expected to be much different from Yellen on gradual, “boring” rate hike policy Jay Powell, a Republican, was…