US President Barack Obama has nominated Janet Yellen to be the next chair of the Federal Reserve. She would be the first woman to hold the post, and faces the task of winding down the Fed's massive stimulus program.
The third increase in US interest rates this year was widely expected. But as Fed chair Janet Yellen is about to leave office, questions about the central bank's future rate policy in the Trump era are emerging.
The US central bank's first female chief is planning to step down from it's governing board. Janet Yellen said in a letter to President Trump that she was "gratified" to leave with the US on firmer financial footing.
Under pressure from fresh allegations against his campaign team, US President Donald Trump is preparing to announce Fed governor Jerome Powell as his choice to replace Janet Yellen at the head of the central bank.
The US central bank keeps moving cautiously toward a third interest rate hike — possibly in December — as it has left current rates unchanged amid efforts to balance a strong US economy with stubbornly low inflation.
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