1st LD: Trump picks Powell as next Fed chair, policy continuity expected

WASHINGTON, Nov. 2 (Xinhua) -- U.S. President Donald Trump on Thursday announced his nomination of Federal Reserve Governor Jerome Powell to succeed Fed Chair Janet Yellen whose term expires in February.

Powell's nomination to head the U.S. central bank is widely regarded as a "safe choice" for the Trump administration, as he holds similar views with Yellen in terms of monetary policy approach as well as openness to deregulation which the Trump administration is advocating.

If he is confirmed by the U.S. Senate, Powell will become the first Fed chairman without a Ph.D. in economics since 1980s. Enditem