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News & Updates:
Trump announced Thursday he would not name Yellen — the first woman to hold the post — for a second term when her tenure expires at the end of January.
“This is stunningly unusual,” says Faculty Affiliate Peter Conti-Brown, a financial historian who studies the Fed at the University of Pennsylvania’s Wharton School.
John Taylor has a complicated history with the U.S. Federal Reserve that could force him into a hard pivot if he’s selected as its next leader.
The Stanford University economist, who is on President Donald Trump’s short list to lead the central bank, wrote the monetary policy rule that Fed officials use as a constant reference, and many of the institution’s own economists are schooled in his ideas. Some critics have said that the so-called Taylor Rule could lead officials to make mistakes because it is not forward-looking and doesn’t incorporate key forces shaping the economy.
Faculty Affiliate Peter Conti-Brown has commented on the issue, saying that “John Taylor could be one of the most disruptive Fed chairs in its history, if he can persuade the internal actors within the system that all this time, he was right, and they were wrong.”
Senate Democrats introduce bill to repeal opioid distribution law; Congress nearing deal to loosen bank regulations; Federal Reserve Chair Janet Yellen signals likely interest rate hike.
Trump to sign healthcare executive order; Jobless claims fall below estimates, producer prices rise; December rate hike very likely according to Fed minutes.
Senators reach a tentative deal on Republican tax policy, overriding deficit hawk’s worries; The White House throws its weight behind last ditch Obamacare repeal; US homebuilding weak on input scarcity, Harvey; US Treasury yields rise ahead of Fed meeting.