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Trump picks Jerome Powell to succeed Yellen as Fed chair

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 crucial to a climate of low-interest rates, surging job creation, and booming asset prices.

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