Trump Preparing Announcement on Next Federal Reserve Chair This Week

Investing.com - US President Donald Trump will announce his nominee to chair the Federal Reserve this week, amid intense speculation about which candidates are still in the running for the top job at the US central bank.Trump teased the decision with an Instagram video published Friday, claiming that people were “anxiously” awaiting his announcement and that everybody would be “very impressed” with the nominee.Trump, speaking directly into the camera from the White House, said he had somebody very specific in mind.In recent days, reports have suggested that Trump may have ruled out nominating current Chair Janet Yellen for a second term when her current term ends on February 3.A report on Friday indicated that Trump may be leaning towards nominating Fed Governor Jerome Powell, a move that would signal continuity for monetary policy.But Stanford University economist John Taylor, who is known to favor higher interest rates, is also a possible pick.The president has touted job growth and stock market gains as one of the primary achievements of his first year in office and his nominee for Fed chair will play a huge role in shaping US economic policy going forward.