US President Donald Trump has nominated Federal Reserve Governor Jerome Powell to the top job at the US central bank. Powell is a former private-equity executive, banker and Fed advisor who favours continuing gradual interest-rate increases and sympathises with White House calls to ease financial regulations. Market reaction has been muted. Powell is not an economist, so there is some reservation about the appointment. Generally though, there is a feeling this could be a master stroke by Trump, and that Powell could well prove to be the best Fed Chair ever.

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