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President Donald Trump is in the Rose Garden today at 3 p.m. to announce his nominee to run the Federal Reserve.
Powell was part of a field that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn and Yellen herself.
The Fed is amid a slow and steady program of increasing interest rates and winding down its $4.5 trillion balance sheet. Powell is not expected to veer sharply from the policies of the Yellen Fed.