Not all Fed chair candidates are good central bankers
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US President Donald Trump's administration is expected, by Nov 2, to announce its choice, subject to Senate approval, to succeed Janet Yellen as chair of the Federal Reserve Board in February 2018. The White House has indicated that it is weighing five potential candidates. Not all of them would be a good choice.
The first candidate is Ms Yellen herself. Though she is a Democrat originally appointed by former president Barack Obama, there is strong precedent for Mr Trump to re-appoint her. Her three predecessors - Ben Bernanke, Alan Greenspan, and Paul Volcker - were each re-appointed to second terms by a president of the opposite party from the one who first appointed them, reflecting the value of continuity and predictability in central banking.
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