Wall Street is preparing for Powell but still wants Yellen as the next Fed Chair

Wall Street indices

Wall Street has faith that President Donald Trump will pick Federal Reserve Governor Jay Powell as the next Fed chair, cut still has hopes that he will reappoint the current chair, Janet Yellen.

When a survey was made, it had revealed that 45 percent believes that the president will choose Powell as the new Fed chair in what has become a much anticipated decision. Stanford Economics professor John Taylor is the second pick with 23 percent, and followed by the former Governor Kevin Warsh with 17 percent.

44 percent out of the 47 percent of the respondents who are economists, fund managers and strategists, think that Trump should stick to Yellen.

Yellen was also deemed as the best choice by respondents in eight of nine categories in the survey which includes the best for stock market, unemployment and managing the Fed’s exit strategy, along with the management of a financial crises while Stanford’s Taylor was deemed to be the best choice if they plan to keep the inflation rate stable.

There was a meager 4 percent of the respondents who want Trump to appoint National Economic Council director Gary Cohn, who is a former Goldman Sachs executive.

Overall, Yellen was given a solid B grade by 55 of the respondents, while 33 percent gave her an A and 18 percent gave her a C as an evaluation for her previous term.


Leave a Reply

Your email address will not be published.