President Donald Trump is expected to select PIMCO’s Richard Clarida as his nominee for vice chairman of the Federal Reserve, according to The Wall Street Journal.
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Clarida, a Republican and Columbia University economist, is known as a pragmatist and has drawn comparisons to newly installed Fed Chairman Jerome Powell. Clarida is a managing director and global strategic advisor at PIMCO, the investment management firm.
Powell began a four-year term in February, replacing Janet Yellen at the helm of the central bank.
Multiple reports on Thursday indicated that Clarida was a front-runner to become the Fed’s vice chair.