so Donald Trump has ended weeks of
speculation by appointing j-pal to be
the next chair of the Federal Reserve
replacing Janet Yellen early next year
Jay Powell has been a governor in the
Fed since 2012 before that he worked and
George Herbert Walker Bush in the
Treasury has also been a private equity
partner lawyer and has worked at the
Bipartisan Policy Center which is a
think-tank here in Washington DC in
terms of his approach to monetary policy
and regulation Jay Powell is a centrist
on monetary policy he's not dissented
from the very gradual approach to rate
rises that Janet Yellen has pushed or
indeed to the very transparent and
gradual approach they're taking at the
feds to reducing the feds four point
five trillion dollar balance sheet on
regulation it remains to be seen whether
he changes the tone a little bit but he
may be more open to easing the burden of
regulation than Janet Yellen has been
but that really remains to be seen he
certainly doesn't seem to be a person
who wants to tear up the post-crisis
regulatory system in a drastic way a
pragmatist a centrist Jay Powell will
take over at the Federal Reserve next
year