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Trump may name a ‘shadow’ Fed chair, an unprecedented development in American history
President Donald Trump said last week that he will announce his pick to succeed Federal Reserve Chair Jerome Powell “very soon.” The problem is that Powell still has 11 months left until the end of his term. Trump remains frustrated as ever with the Fed because it has not yet lowered interest rates. He has relentlessly attacked Powell for months. But announcing a Fed chair nominee this far in advance — if he makes good on that plan — would be an unprecedented development in the central bank’s 111-year history. This person would effectively be acting as America’s “shadow” Fed chair — a proposal Scott ... (full story)
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