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Article snippet: WASHINGTON — President Trump nominated Jerome H. Powell to chair the Federal Reserve on Thursday, bypassing Janet L. Yellen for a second term but turning to a replacement who is expected to stay the course on monetary policy if the economy continues its steady growth. “He’s strong, he’s committed, he’s smart,” Mr. Trump said in the White House Rose Garden, where he introduced Mr. Powell as his choice. Using Mr. Powell’s nickname, the president said, “I am confident that with Jay as a wise steward of the Federal Reserve, it will have the leadership it needs in the years to come.” Less certain is where Mr. Powell would lead the Fed if the economy falters. Mr. Powell, a member of the Fed’s board of governors since 2012, has consistently voted with Ms. Yellen to slowly raise interest rates and sell off assets that the Fed bought up in the wake of the severe recession of 2008 and 2009. Colleagues consider him a centrist and pragmatist. But he lacks the deep background in economics of some of his predecessors, and he has expressed skepticism in the past about the unconventional measures that the Fed took after the recession. Mr. Powell could also depart from the Fed’s current trajectory when it comes to regulating banks and other financial institutions — rules Mr. Trump has said should be loosened. The nominee offered little hint of his thinking during brief remarks in the Rose Garden. He said the nation’s economy has made “substantial progress toward full recovery” si... Link to the full article to read more