New Fed Chairperson: US president nominates Jerome Powell as chief of central bank

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US President Donald Trump has chosen Federal Reserve board member Jerome Powell to be the next chairperson of the Fed. Trump said the 64-year-old, with his "wisdom and leadership", will guide the US economy through any challenges it may face.

Powell has also promised to ensure the Fed stays "vigilant" in the market. If the Senate confirms Powell's appointment, he will succeed the incumbent Fed Chairperson Janet Yellen, whose term ends in February.