BREAKING It's Powell to Head the Fed

Jerome Powell has been notified that President Trump will nominate him to head the Federal Reserve after Janet Yellen's term expires as Fed chair on February 3, 2018.

This is a developing story, Return to this post for updates.

UPDATE

Via The Wall Street Journal:

The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.

The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldn’t describe what they discussed.

UPDATE 2

From my October 19 report:

Powell, known as Jay, has been heavily favored by Treasury Secretary Steven Mnuchin. 

This is probably the number one choice of Goldman Sachs.

UPDATE 3

From my December 27. 2011 report when Powell was nominated by President Obama to become a Federal Reserve governor:

It's all about insiders when it comes to the Federal Reserve.

A White House statement says President Obama will nominate two former U.S. Treasury Department officials for the Federal Reserve Board.

Obama's picks are Jerome Powell, an attorney who was a Treasury undersecretary for former President George H.W. Bush, and Jeremy Stein, a Harvard University economist who has advised the current administration.

David Rubinstein is popping champagne. Powell from 1997 through 2005, was a partner at The Carlyle Group, where he founded and led the Industrial Group within the U.S. Buyout Fund.

In addition to Carlyle, in the years since leaving the Treasury Powell worked at Bankers Trust Co.; the Global Environment Fund, a private-equity firm; and his own investment company. In other words a complete Wall Street-DC Corridor insider.

UPDATE 4

Instant Analysis:

Wall Street will be happy with him. He will be a money printer in the Janet Yellen tradition. Let the printing presses roll!

  -RW