Hot Tickers: Chesapeake Energy Corporation (CHK), Southwestern Energy Company (SWN)
Tesla founder Musk will only be paid if firm meets goals
Super Bowl LII Odds: Betting Lines, Trends For Patriots Vs. Eagles
Wolverines will be well represented in Super Bowl
Donald Trump to name Jerome Powell as US Federal Reserve chairman
03 Noviembre 2017, 04:36 | Dolorita Barahona
Rand extends relief rally as dollar sags
President Donald Trump on Thursday, November 2, nominated Federal Reserve Governor Jerome "Jay" Powell to lead the US central bank, saying the former investment banker has the wisdom and intelligence to guide the world's largest economy.
The upbeat market sentiment seen on Friday was in sharp contrast to the panic that spread across emerging markets three years ago when the Fed announced plans to temper its quantitative easing programme, followed by its first interest rise in almost a decade at the end of 2015.
Powell's biggest rival at times appeared to be former Fed official Kevin Warsh, but Warsh's youthful good looks and the spelling of his name proved too vexing for the president, according to The Journal's account.
Powell is a sitting member of the Board of Governors of the Federal Reserve and a voting member of the Federal Open Market Committee, which is the policy-making arm of the central bank that makes decisions about monetary policy. He is seen to mirror Chair Yellen in many respects, having supported every move made by the Fed since his appointment to the Fed Board in 2012. "The announcements were largely as expected and the impact of both will depend on further developments". Hurricane-related disruptions and rebuilding will continue to affect economic activity, employment and inflation in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.
He calls Powell, "strong", "committed" and "smart".
Powell's years in investment management have made him one of the wealthiest members of the Fed's board. "We're not sure what's going to happen with our health care, we're not sure what's going to happen with the regulatory environment, we're not sure what's going to happen with our taxes'".
There are some legitimate concerns about Trump's decision not to reappoint Janet Yellen.
In Hong Kong, the Hang Seng Index closed up 0.26 per cent, while the KOSPI ended 0.46 per cent higher in Seoul and the Nikkei 225 climbed 0.53 per cent in Tokyo.
Some argue for "helicopter money", whereby the Fed prints money and hands it out. Powell wasn't necessarily the first choice of Republicans, but he's much more palatable to them because he's seen as more willing to ease some of the complex bank regulations that were rolled out after the 2008 financial crisis.
"Powell allows Trump to change the Fed leadership without changing the basic monetary policy strategy".
"The impression that the MPC has given is this is a 'one and done' rate hike", Erlam said.
Bank regulation is also part of the Fed's mandate. Powell, and Trump by association will own the outcome.
The president also praised Yellen, the first woman to lead the Fed, whom he decided not to nominate for a second term. The Fed has neither the legal authority nor the political mandate to run fiscal policy; if it tries to do so, it runs the risk of forever losing its independence. "The world economy has never been in better shape, but it is a very unthankful job to be a central banker these days". The 2010 Dodd-Frank financial reform legislation, which has spawned 30,000 pages of rules, has been a boon for lawyers.
Trump, who attacked Yellen on the campaign trail, has been more positive of late.
There have been ups and downs, but the dominant global position of the U.S. economy and huge increases in the standard of living indicate that overall, they have been successful.
Time Warner dropped 3.8 percent after the Wall Street Journal reported that US antitrust regulators could sue to block its takeover by AT&T, which fell 1.1 percent. In fact, he was born and raised in the District and its Maryland suburbs and has served in both the Treasury and the Fed. Contributors may have a stake in the areas they write about.
Celebrating Dia de los Muertos
This documentary, created by Utah State students, illustrates the experiences and life of Cache Valley's Latino community. Mexico has, in recent years, worked to create a public-facing aspect of the celebrations in order to appease tourists.
Puerto Rico relief: One gallon at a time
Many residents from San Juan have visited as break from tough conditions at home but business in the resort town is still down. However, there are other types of homes that primary homeowners have invested in, such as secondary homes or vacation homes.
The most interesting findings — JFK assassination files
A note sent to FBI agents quote a source telling them "the president was actually assassinated by Dallas police officer TIPPIT". The National Archives is planning to post the files on its website, although the precise time hasn't been announced .
The Xbox One X Is Awesome For The Right Type of Gamer
If the developer enables it and the player activates it, users can introduce challenges and throw players care packages. The Xbox One X has a small, but solid stable of exclusive games and has excellent support from third-party developers.
Vote: Who will win the World Series?
What is Hinch waiting for? Tater dinger donger goner bomb knock blast jack four-bagger and, en Español , ¡jonrón! They've never even won a Series game, getting swept by the White Sox in 2005 in their only previous appearance.
Zumbathon for Puerto Rico
The governor said management of island agencies "rests exclusively on democratically elected officials". A widely shared Daily Beast story said a "federal ban" was trapping pets in Puerto Rico.