by Calculated Risk on 11/01/2017 07:01:00 PM

From Bloomberg: Trump Selects Powell for Fed Chairman, Replacing Yellen

President Donald Trump plans to nominate Federal Reserve Governor Jerome Powell to the top job at the U.S. central bank, three people familiar with the decision said.

Trump, who has said he’ll announce his pick Thursday, would be choosing a former private-equity executive who favors continuing gradual interest-rate increases and sympathizes with White House calls to ease financial regulations.

A few comments:
1) Dr. Janet Yellen has done an outstanding job as Fed Chair.

2) This breaks the historical pattern of setting politics aside and reappointing the Fed Chair (a shameful break in precedent).

3) I hope Dr. Yellen stays on the Fed until her term as governor expires in 2024.  Please stay!

Thursday:
• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 235 thousand initial claims, up from 233 thousand the previous week.