Trump to Tap Fed's Powell as Chair, Replacing Yellen: WSJ

A Republican appointed to the Fed in 2012 by Democratic President Barack Obama, Powell has earned a reputation as a non-ideological and pragmatic policy maker. While he hasn’t played a prominent public role in formulating and explaining monetary policy, he has generally backed Yellen’s cautious approach to withdrawing stimulus.

“Powell is very likely to establish monetary policy continuity,” said Roberto Perli, a partner at Cornerstone Macro LLC in Washington and a former Fed official. He “would also be a shade more dovish than Yellen on bank regulation, so I believe the equity market would react well.”

Under Yellen, whose four-year term as chair expires Feb. 3, the Fed has overseen an economic expansion now in its ninth year and a fall in unemployment to a 16-year low. It will be up to Powell to keep that growth on track, under a president who has stated a preference for much faster gains in gross domestic product and continued low interest rates.