Donald Trump and Jerome Powell

Washington : Announcing Jerome Powell’s appointment as chairman of the Federal Reserve, US President Donald Trump expressed confidence and said the former has the “wisdom and leadership to guide our economy”.

“Based on his record I am confident that Jay has the wisdom and leadership to guide our economy,” Efe news quoted Trump as saying in the White House Rose Garden.

He emphasized that Powell “has proved to be a consensus builder for the sound monetary and financial policy that he believes in”.

Powell, who will succeed Janet Yellen, said he was “honoured” to be nominated to head the Fed.

The President also thanked Yellen for the “dedication and devotion” she has displayed in her four years in the post, calling her a “spectacular person”.

The nomination of Powell, a member of the Fed Board of Governors since 2012, is not likely to face any serious opposition in the Senate.

Trum had during his campaign said that he would fire Yellen if he were elected, although after he met her he said he liked her.

—IANS