Trump's Pick For Fed Signals Interest Rate Hike Likely Next Month

The Federal Reserve is likely to raise interest rates at its December meeting, Jerome Powell , President Trump's pick to be Fed chairman, signaled Tuesday. "I think the case for raising interest rates at our next meeting is coming together," Powell told the Senate Banking Committee at his confirmation hearing. The Fed previously raised its key interest rate in June and has telegraphed plans for another increase this year. Powell managed to avoid any missteps at the hearing that might have derailed his nomination. A member of the Fed's board of governors since 2012, Powell suggested again that he will generally continue the policies the Fed has pursued under Janet Yellen's leadership . Both Democrats and Republicans found things to like in Powell's testimony. Democrats appreciated his views that unemployment, at a low 4.1 percent, could go lower, and that there are still Americans on the sidelines of the labor market — particularly prime working-age males who aren't participating. "That