A University of South Carolina economist said President Trump’s pick to be the new Federal Reserve chairman would probably gradually raise interest rates.
Bob Hartwig told South Carolina Radio Network nominee Jerome Powell’s philosophy mirrors that of the current chair’s. “His views on monetary policy seem the most consistent with the very gradualist approach being taken by Janet Yellen,” he told South Carolina Radio Network.
Hartwig said that Powell has suggested that he would raise interests slowly. “He has indicated that he would only migrate interest rates up very, very gradually over time,” Hartwig said.
Trump nominated Powell to replace Janet Yellen, who was appointed chair by Barack Obama.
Powell is currently a member of the Board of Governors of the Federal Reserve System. He has been on the board since May 2012. Before the end of the month the Senate Banking Committee will hold a confirmation hearing for Powell’s nomination.