Obama plans to nominate Jerome Powell for a second term when his term ends, according to ‘a government official briefed on the matter’ and cited by Bloomberg. It’s no surprise at all as he only joined the Fed in mid-2012 to fill an unexpired term.
The Yellen decision consumed Wall Street for a period but Obama has three other governor positions to fill in the near-term and that could certainly shift the balance of power at the Fed.
Powell has raised his profile in the past 6 months by wading more deeply into relevant policy questions. I still believe this comment from him is under-appreciated but we’ll find out for sure tomorrow.
Powell’s also the wealthiest Fed governor.