Fed Nominee Powell 'Wants People to Be Wealthy,' Jim Cramer Says
Jay Powell -- good for investors? Jim Cramer and the other experts on our November Trading Strategies roundtable think so.
President Trump this week decided not to give current Federal Reserve chair Janet Yellen a second four-year term, nominating Powell to the post instead. Powell is a current Fed board member and a former Wall Streeter, having worked at Bankers Trust, The Carlyle Group (CG) - Get Report and other financial firms.
Cramer said during TheStreet's latest Trading Strategies roundtable that "Jay Powell is the opposite [of Yellen]. I think Jay Powell wants people to get wealthy, and I think that Janet Yellen didn't want people to be poor."
Most panelists at the roundtable agreed that Powell is an investor-friendly pick.
"I don't think we should worry," said Liz Ann Sonders, senior vice president and chief investment strategist at Charles Schwab & Co. "I think he represents continuity in approach to monetary policy -- a consensus-builder, which is similar to both Yellen and [Yellen's predecessor Ben] Bernanke."
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This article was written by a staff member of TheStreet.
