US President Donald Trump announced on Thursday that he will nominate Fed Governor Jerome Powell to replace Fed Chair Janet Yellen. “Mr. Powell will bring to the Federal Reserve a unique background of Government service and business experience,” read the White House statement announcing the nomination, which had been widely anticipated last week. Powell, a lawyer by training and investment banker by trade, will be the first non-economist to serve as Fed boss since G. William Miller in the late 1970s. Despite this, many have seen him as the candidate of continuity who will carry post-financial crisis reforms, according to the Financial Times.

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