By Clark Wagner, President, Foresters Investment Management Company, Inc. and Chief Investment Officer, Foresters Financial
Yesterday, President Trump nominated Jerome Powell to serve as the next Chair of the Federal Reserve, ending an extended period of speculation. His selection represents a break with precedent as the previous three Fed Chairs were reappointed. Powell, who has been a member of the Federal Reserve’s Board of Governors since 2012, is expected to continue the gradualist approach to raising interest rates that has been carried out by Chair Janet Yellen. The markets had no discernible reaction to the news of his appointment.