Jerome Powell nominated to head US central bank

President Donald Trump tapped Jerome Powell on Thursday to replace Janet Yellen at the helm of the Federal Reserve System, the central banking system of the United States of America.

Powell, 64, is seen as a safe pick whose selection will likely assure investors hoping for continuity at the central bank. 

Some analysts see Powell, though, as more inclined than Yellen to ease financial regulations and possibly to favour a faster pace of rate increases.

Trump made the announcement in a Rose Garden ceremony with Powell standing beside him. He said Powell had earned the "respect and admiration of his colleagues" in his five years on the Fed's board.

The president also praised Yellen, the first woman to lead the Fed, whom he decided not to nominate for a second term. He called her a "wonderful woman who has done a terrific job."

 In a departure from previous announcements of new Fed chairs, Yellen was not in attendance Thursday.

Powell himself said it had been a privilege to serve under Yellen and her predecessor, Ben Bernanke, and said he'd do all he could to meet the Fed's dual mandates of stable prices and maximum employment.

If confirmed by the Senate, Powell would become chairman when Yellen's term ends February 3.