Trump ‘looking at a lot of people’ in search for next Fed chief: Mnuchin

By

Senior economics reporter

Treasury Secretary Steve Mnuchin said a decision on the next Fed chief was one of the most important decisions President Donald Trump would make.

President Donald Trump is casting a wide net in his search for the next Federal Reserve chairman, said Treasury Secretary Steven Mnuchin on Friday.

“We’re going through this process very carefully. He is looking at a lot of people,” Mnuchin said during a moderated question-and-answer session at a conference sponsored by the Institute for International Finance.

Mnuchin declined to give any more specifics about the process.

“It is one of the most important decisions he will make,” Mnuchin said.

On the surface, Mnuchin’s comments suggest that the race for Fed chairman may be more wide open than several news reports suggest. Politico reported that Mnuchin has a favorite candidate: Fed Gov. Jerome Powell. The news site said that former Fed governor Kevin Warsh was in second place, with Stanford University economist John Taylor as the dark horse.

Diane Swonk, founder of DS Economics, said she thought Warsh might get the post because he would represent “a pivot” for the Fed away from Yellen’s policies and Powell was more of the “continuity” candidate.

Outgoing Fed Vice Chairman Stanley Fischer said Friday that Trump should reappoint Yellen to a second four-year term once her first term ends in early February.

Swonk said that it did not appear likely that Yellen would be reappointed.

“I just haven’t seen her spend a lot of time at the White House,” Swonk said.

Filed in: Top News Tags: 

You might like:

Market Extra: What you need to know about Turkey’s election this Sunday Market Extra: What you need to know about Turkey’s election this Sunday
Audiobooks found to elicit a greater emotional response than movies or television Audiobooks found to elicit a greater emotional response than movies or television
Videogame addiction is now an official disorder—but will health insurers pay for it? Videogame addiction is now an official disorder—but will health insurers pay for it?
Personal Finance Daily: Videogame addiction is now an official disorder and watch how these soccer players in the World Cup cash in Personal Finance Daily: Videogame addiction is now an official disorder and watch how these soccer players in the World Cup cash in
numberFire: 8 big questions surrounding the NBA Draft numberFire: 8 big questions surrounding the NBA Draft
MarketWatch First Take: After Krzanich exit, Intel must do something it has never done MarketWatch First Take: After Krzanich exit, Intel must do something it has never done
In One Chart: Small-cap stocks are crushing it, but here’s a reason to ‘pause’ before jumping in In One Chart: Small-cap stocks are crushing it, but here’s a reason to ‘pause’ before jumping in
CryptoWatch: There has been an ‘uptick in criminal and terrorist exploitation’ using virtual currencies, says House committee CryptoWatch: There has been an ‘uptick in criminal and terrorist exploitation’ using virtual currencies, says House committee

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.