Trump stepping up search for next Federal Reserve chair

Investing.com - U.S. President Donald Trump is stepping up his search for the next chair of the U.S. Federal Reserve.Trump held meetings with former Fed Governor Kevin Warsh and current governor Jerome Powell as well as two others last week and said Friday he would make a decision within the next two to three weeks.Current Fed Chair Janet Yellen is also in contention. Her term as chair is due to expire in February of next year.Trump criticized Yellen during his presidential campaign, accusing her of keeping interest rates low to prop up the economy under former President Barack Obama.Yellen’s chances of remaining in the top job appeared to improve after Trump’s relationship with Gary Cohn, the director of the National Economic Council, soured.Cohn had been seen as a leading contender for the job until the former Goldman Sachs (NYSE:GS) president criticized Trump’s remarks about violence in Charlottesville, Virginia, last month.A new Fed chief would take the helm as the central bank reduces its $4.5 trillion portfolio and as interest rates continue their gradual climb back towards historical norms.