Fed nominee doesn't signal big changes
Donald Trump's pick to be the new chairman of the Federal Reserve, Jerome Powell, made his first appearance before Congress today, where according to Bloomberg, he pledged to stay the course. Takeaways:
- Expect the Fed to raise rates again in December
- Unemployment could fall below 4%
- Banks are due for some regulatory relief
- Powell's testimony was "middle of the road, don't rock the economy's boat," Chris Rupkey, chief financial economist at MUFG said
Bottom line: Bloomberg says Powell "should have smooth sailing to confirmation."