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Input: WASHINGTON (Reuters) - President Donald Trump is considering nominating Federal Reserve Governor Jerome Powell and  Stanford University economist John Taylor  for the central bankâs top two jobs  in an apparent bid to reassure markets and appease conservatives hungry for change.
Under that scenario  either Powell or  Taylor  would take the reins from Fed Chair Janet Yellen when  her  term expires in early February  and the other would fill the vice chair position left vacant when Stanley Fischer retired this month.
 Taylor  has spent the last two decades refining and advocating wider use of a rule that lays out where interest rates ought to be  given certain conditions of inflation and the broader economy. His rule implies that rates should be higher than they are now.
FILE PHOTO:  Stanford Economics Professor John B. Taylor  speaks with Reuters journalists at the Jackson Hole Economic Symposium in Jackson Hole  Wyoming August 21  2009. Picture taken August 21  2009. REUTERS/Price Chambers/File Photo
Although  Taylor  is highly regarded within the Fed  his rule-based rate-setting position has spurred criticism that he would handcuff U.S. monetary policy.
 Taylor  pushed back at a meeting at the Boston Fed on Saturday  saying he favored a flexible implementation of policy rules and did not want to tie the Fedâs hands or suggest that he was motivated by a distrust of policymakers.
Some analysts suggest that fears that  Taylor  would bring an inflexible monetary policy with him to the Fed  as some Republicans in Congress hope  are likely exaggerated.
âThere is some scope for disappointment if people think putting  Taylor  in will just lead to mechanical-based policy â Feroli said.
âEven if you pick a rule  the rule itself would need to be modified given the structure of the economy â  she  said. âBut I do think being systematic  looking at the kinds of information we look at systematically over time  articulating our strategy for policy and being less discretionary is a good idea.â
At the same time  there are concerns that the combination of Powell and  Taylor  atop the worldâs most powerful central bank could send a confusing signal to markets.

Trump considers Fed's Powell economist Taylor to lead central bank