Powell in 2015. Photo: Andrew Harnik / AP

"Trump is likely to announce Federal Reserve governor Jerome Powell as his nominee to be the next chairman of the U.S. central bank next week," the Wall Street Journal's Kate Davidson and Peter Nicholas report. Trump said last week he had "somebody very specific in mind."

  • "Powell would take the helm of the central bank in early February, when Chairwoman Janet Yellen's four-year term expires."
  • "Powell, a Republican who served as a Treasury Department official in the George H.W. Bush administration, joined the Fed board in 2012 and was confirmed for a full term in 2014."

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Dan Primack, author of Pro Rata
15 mins ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

1 hour ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.