World Economy

Fed Chair Race Heats Up

Fed Chair Race Heats UpFed Chair Race Heats Up

President Donald Trump said he’s considering Stanford University economist John Taylor and Federal Reserve Governor Jerome Powell for the top job at the central bank, and indicated Fed Chair Janet Yellen remains in the running for renomination to a second four-year term.

“Most people are saying it’s down to two—Taylor and Powell. I also met with Janet Yellen, who I like a lot, I really like her a lot,” Trump told Fox Business Network in an interview to be broadcast on Sunday and Monday. “So I have three people that I’m looking at, and there are a couple of others. I’d say I will make my decision very shortly,” Bloomberg reported.

On the prospect of a Taylor nomination and a Powell promotion into the top two leadership roles, the president said, “it is in my thinking, and I have a couple of other things in my thinking but I like talent and they’re both very talented people.”

It’s not clear which of the two men would be chairman and which would be vice chair, a position that Trump also needs to appoint after Stanley Fischer stepped down earlier this week. Both positions are subject to senate confirmation.

The White House has said he’ll make a decision before he leaves for a trip to Asia in November. Yellen’s first term ends in February. She returned to the White House on Friday for what one official described as a semi-regular meeting with Trump’s top economic adviser, Gary Cohn, whom Trump is also considering for the Fed post. A fifth candidate, former Fed Governor Kevin Warsh, completes Trump’s shortlist.


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