President Donald Trump announces his nominee for Chairman of the Federal Reserve, Jerome Powell (L), in the Rose Garden of the White House in Washington, DC, November 2, 2017. President Trump announces Jerome Powell as next Fed chair nominee
3 Mins Ago | 01:20
President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires, in a move widely expected and one unlikely to disturb the roaring stock market.
Trump made the announcement during a Thursday afternoon ceremony in the Rose Garden.
The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered central to a climate of low interest rates, surging job creation and booming asset prices.
“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right and the prospective chairman’s family nearby. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.”
“He’s strong, he’s committed and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump added.[contentcards url=”https://www.cnbc.com/2017/11/02/trump-picks-jerome-powell-to-succeed-yellen-as-fed-chair.html” target=”_blank”]