Key insights
- The potential appointment of Chris Phelan as chair of the Council of Economic Advisers is unlikely to have an immediate impact on US equity markets. The CEA primarily provides economic advice to the President, and while its recommendations can influence policy, the direct market impact is usually lagged and indirect. The appointment itself is more of a political and administrative development.
Investing.com -- Chris Phelan, an adviser at the Federal Reserve Bank of Minneapolis, is the leading candidate to become President Donald Trump’s new chief economist, according to Politico, citing three people familiar with the matter.
If nominated and confirmed by the Senate, Phelan would serve as the next chair of the Council of Economic Advisers.
Phelan would replace Stephen Miran, who formally stepped down from the position in February. Miran effectively left the role in September when he was confirmed to an open board seat at the Fed.
Since Miran’s departure, CEA Vice Chair Pierre Yared has served as acting head of the council, which functions as an economic think tank within the White House.
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