It's steady as she goes for the Fed if Jerome Powell is appointed chairman.

President Donald Trump is expected to name Federal Reserve governor Powell to the central bank's top position later Thursday, Nov. 2. If confirmed by the Senate in February, Powell will likely "preserve continuity," according to a note from Goldman Sachs economists, "as his stated economic and monetary policy views largely mirror those of the current leadership."

Powell has said he thinks the economy is at full employment and views inflation as "kind of a mystery" that will continue to rise, Goldman wrote. He supports a gradual increase in interest rates, given the economy continues to perform as expected.

As for the bigger picture, Powell values the role of financial conditions, Goldman said. He "believes financial stability concerns deserve some weight in general but are not problematic yet." Powell also supports the Fed's normalization of its $4.5 trillion balance sheet.

"On financial regulation," Goldman added, "Powell supports the core elements of the post-crisis reforms affecting large banks, but has expressed openness to considering changes to CCAR testing, the Volcker rule, resolute planning, supplementary leverage ratios and regulation of smaller banks."

While Powell would likely keep most of the Fed's work under current chair Janet Yellen on the same track, he's expected to bring a "somewhat lighter touch" to the Fed's role in financial regulation.

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