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Powell in 2015. Photo: Andrew Harnik / AP

Jerome Powell, who is expected to be President Trump's pick to be the next chairman of the Federal Reserve, has supported the policies of current chairwoman Janet Yellen, the New York Times reports:

"Mr. Powell has consistently supported the Fed's campaign to stimulate economic growth, although he expressed some reservations in internal debates about the extent of those efforts. In recent years, he has backed the methodical unwinding of those efforts, and analysts expect he would seek to raise interest rates at about the same pace as Ms. Yellen.On regulatory policy, Mr. Powell has defended most changes made after the financial crisis as necessary to protect the broader economy, but he has said that he supports efforts to streamline those rules."

Why this matters: Trump's appointments to the Federal Reserve will be some of the most consequential of his administration. The Times reports he resisted pressure from conservatives to "make a larger change at the Fed" by appointing an "outspoken critic" like Stanford economist John Taylor.

Go deeper

1 hour ago - World

Netanyahu and Israel reluctantly adjust to a post-Trump Washington

Netanyahu (R) and Biden in 2010. Photo: Avi Ohayon/GPO via Getty

Prime Minister Benjamin Netanyahu and his close aides are very nervous about the transition to a new U.S. administration after a four-year honeymoon with Donald Trump. One Israeli official told me it felt like going through detox.

What he's saying: Netanyahu congratulated Biden minutes after he was sworn in, saying in a statement that he looked forward to working together to "continue expanding peace between Israel and the Arab world and to confront common challenges, chief among them the threat posed by Iran."

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. State of play: New coronavirus cases down, but more bad news ahead.
  2. Politics: Biden set to immediately ramp up federal pandemic response with 10 executive actions — Scoop: Joe Biden's COVID-19 bubble.
  3. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.
  4. Vaccine: Amazon offers to help Biden administration with COVID vaccine efforts.
Dion Rabouin, author of Markets
3 hours ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.