Factbox: Who will Trump pick to lead the Federal Reserve?(Reuters) - U.S. President Donald Trump has interviewed several top prospects for the post of Chair of the Federal Reserve. A nomination could come within weeks as the term of current Chair Janet Yellen ends in February 2018. Yellen will meet with Trump about the job on Thursday. (For a graphic on the next chair of the Federal Reserve, click tmsnrt.rs/2yqJh2I) He faces a choice between two continuity candidates, Yellen and Governor Jerome Powell, and a clutch of outsiders, including Gary Cohn, currently his top economic advisor, former Fed Governor Kevin Warsh, and Stanford University economics professor John Taylor. Here are short profiles of the candidates: Gary Cohn, 57, Director of the National Economic Council Experience: Longtime Goldman Sachs employee and president and chief operating officer of the Wall Street bank from 2006 to 2017. Education: Bachelor’s degree in business, American University Policy positions: Cohn’s current job as director of the NEC has given him little reason to comment on monetary policy, but  he has worried in the past that the Fed has been “constrained” by the actions of other central banks trying to keep their currencies weak. In his own words: “If we woke up tomorrow and every central bank in the world raised their interest rates by (3 percent), the world would be a much better place.” Pros to candidacy:   A practitioner’s understanding of financial markets at a time the Fed is attempting to unwind its bond portfolio bought after the 2008 financial crisis  The trust of the White House and many congressional Republicans given Cohn’s high-profile role in the Trump administration Cons to candidacy:   No formal economics background at a time when the Fed leans ever more on econometric models to decipher mixed signals in inflation and employment data  A decades-long career at Goldman Sachs and a personal fortune worth at least $260 million, which could raise eyebrows when it comes to confirmation by the Senate, where members on both sides see the investment bank as a symbol of financial industry excess  Criticism of Trump in the wake of Charlottesville, Virginia, protests Jerome Powell, 64, Federal Reserve Governor Experience: Lawyer and investment banker; partner in private equity firm Carlyle Group from 1997-2005; Senior Treasury official under George H.W. Bush; Fed Governor since 2012 (appointed by President Obama) Education: Bachelor’s degree in politics, Princeton University; Law degree from Georgetown University Policy positions: Powell has never dissented while at the Fed, and in line with Yellen supports slowly raising interest rates as long as the economy continues growing and inflation is expected to rise. He advocates easing some aspects of the Dodd-Frank regulations and has discussed ways to revise the Volcker Rule. In his own words: “The Committee has been patient in raising rates, and that patience has paid dividends ... I would view it as appropriate to continue to gradually raise rates.” Pros to candidacy:   An uncontroversial pick for the position, could be the compromise who both replaces Yellen and provides continuity  Only Republican currently on the Board of Governors, has already helped guide the economy in its recovery and would likely get bipartisan support in Congress   Familiarity with markets and financial regulation may be considered a plus Cons to candidacy:   As a current Fed member identified with the more centrist wing of the Republican Party, may not provide enough of a change if Trump decides to replace Yellen   Expertise is less in formal economics and more in markets and financial regulation, which may seem too much of an overlap with the new vice chair for supervision, Randal Quarles John Taylor, 70, Senior fellow at Stanford University’s Hoover Institution Experience: Undersecretary of Treasury for international affairs in the George W. Bush administration from 2001 to 2005; member of Council of Economic Advisers under presidents Jimmy Carter and George H. W. Bush Education: PhD in economics, Stanford University Policy positions: Developer of the eponymous “Taylor Rule” for setting interest rates, Taylor feels the Fed should transition to a rules-based policy in order to make its decision-making “predictable-transparent-accountable.” In his own words: “It is very important to have a basic understanding of the monetary policy strategy. The FOMC should be required to adopt and explain its monetary strategy, and then compare that strategy with monetary policy rules that are out there in a transparent way.” Pros to candidacy:   A trained economist whose elegantly simple research in the 1990s transformed the debate over how central banks set rates  Support among key Capitol Hill Republicans who feel the Fed has too much discretion  Well known in central banking circles, even if his ideas are not universally supported Cons to candidacy:  A long-term member of the central banking and academic cliques Trump may want to disrupt  Advocacy of rule-based policy may land with a thud in an institution that thrives on consensus and judgment  Break with Yellen and current policy framework could disrupt markets if Taylor insists on broad reform Kevin Warsh, 47, Visiting Fellow at Stanford University’s Hoover Institution Experience: Fed governor from 2006 to 2011; economic adviser to President George W. Bush from 2002 to 2006; M&A lawyer at Morgan Stanley for seven years Education: Bachelor’s degree in public policy, Stanford University; Law degree from Harvard University Policy positions: Warsh feels the Fed should not try to fine-tune the economy and argues policymakers have too much discretion. He feels the Fed should aim for inflation between 1 and 2 percent, effectively lowering its inflation target. In his own words: “We should not accept the Fed’s newfound conviction that a very low neutral equilibrium real short-term interest rate (r*) is a fixed feature of future monetary policy ... The central bank and the academic community should engage in a fundamental rethinking of the Fed’s strategy, tools, governance, and communications.” Pros to candidacy:   Former banker and for several years former Fed Chair Ben Bernanke’s right-hand man on financial markets, has a familiarity with Wall Street   Wife Jane Lauder Warsh is a daughter of cosmetics magnate Ron Lauder, a longtime friend of Trump  Served on the president’s economic advisory council before it disbanded Cons to candidacy:   May be seen as too hawkish by a president who calls himself a “low interest rate person”   Not an academic economist like Yellen or Bernanke but has still maintained U.S. monetary policy needs a full makeover   Worried about inflation even as the 2008 financial crisis hit, and quit the Fed over its second round of bond-buying, a possible black mark against his judgment given the success of the “quantitative easing” program  Even while quitting over Fed bond buying, never dissented on FOMC decisions Janet Yellen, 71, Federal Reserve Chair Experience: Also served as a Fed governor, President of the San Francisco Fed, and the Fed’s vice chair from 2010 to 2014  Education: PhD in economics, Yale University Policy positions: Yellen steered the Fed towards “gradual” rate increases and a slow reduction of its balance sheet, dependent on evidence of a continued economic recovery. She argues that post-crisis financial regulation has made the economy more stable without sacrificing growth. In her own words: “My colleagues and I may have misjudged the strength of the labor market ... or even the fundamental forces driving inflation ... How should policy be formulated in the face of such significant uncertainties? In my view, it strengthens the case for a gradual pace of adjustments.” Pros to candidacy:   After a career in the Fed system and four years as its head, has earned the trust of markets and shown she can shift policy without major disruption   A growing economy, low unemployment, and strong stock markets make the case for continuity, while Trump has said publicly he feels she is doing a good job Cons to candidacy:   Could be seen as a Democratic holdover by a President who may want to put his own stamp on the Fed   Feels the core regulations approved after the financial crisis should remain intact, a possible friction with the administration’s deregulatory bent   Some Republican leaders want the Fed to have less discretion over monetary policy, an idea Yellen resists politicsNews
factor who trump pick lead federal reserve reuters president donald trump interviewed several top prospects post chair federal reserve a nomination could come within weeks term current chair janet ellen ends february ellen meet trump job thursday for graphic next chair federal reserve click he faces choice two continuity candidates ellen governor jerome powell clutch outsiders including gary con currently top economic advisor former fed governor kevin wars stanford university economics professor john taylor here short profiles candidates gary con director national economic council experience longtime goldman sachs employee president chief operating officer wall street bank education bachelor degree business american university policy positions con current job director nec given little reason comment monetary policy worried past fed constrained actions central banks trying keep currencies weak in words if woke tomorrow every central bank world raised interest rates percent world would much better pros candidacy a practitioner understanding financial markets time fed attempting wind bond portfolio bought financial crisis the trust white house many congressional republicans given con role trump administration cons candidacy no formal economics background time fed leans ever econometric models decipher mixed signals inflation employment data a career goldman sachs personal fortune worth least million could raise eyebrows comes confirmation senate members sides see investment bank symbol financial industry excess criticism trump wake charlottesville virginia protests jerome powell federal reserve governor experience lawyer investment banker partner private equity firm calle group senior treasury official george bush fed governor since appointed president obama education bachelor degree politics princeton university law degree georgetown university policy positions powell never dissented fed line ellen supports slowly raising interest rates long economy continues growing inflation expected rise he advocates easing aspects regulations discussed ways revise locker rule in words the committee patient raising rates patience paid dividends i would view appropriate continue gradually raise pros candidacy an uncontroversial pick position could compromise replaces ellen provides continuity only republican currently board governors already helped guide economy recovery would likely get bipartisan support congress familiarity markets financial regulation may considered plus cons candidacy as current fed member identified centrist wing republican party may provide enough change trump decides replace ellen expertise less formal economics markets financial regulation may seem much overlap new vice chair supervision vandal quarter john taylor senior fellow stanford university hoover institution experience undersecretary treasury international affairs george bush administration member council economic advisers presidents jimmy carter george bush education phd economics stanford university policy positions developer eponymous taylor rule setting interest rates taylor feels fed transition policy order make in words it important basic understanding monetary policy strategy the fom required adopt explain monetary strategy compare strategy monetary policy rules transparent pros candidacy a trained economist whose elegant simple research transformed debate central banks set rates support among key capitol hill republicans feel fed much discretion well known central banking circles even ideas universally supported cons candidacy a member central banking academic clique trump may want disrupt advocacy policy may land thus institution thrives consensus judgment break ellen current policy framework could disrupt markets taylor insists broad reform kevin wars visiting fellow stanford university hoover institution experience fed governor economic adviser president george bush m a lawyer morgan stanley seven years education bachelor degree public policy stanford university law degree harvard university policy positions wars feels fed try economy argues policymakers much discretion he feels fed aim inflation percent effectively lowering inflation target in words we accept fed newfound conviction low neutral equilibrium real interest rate r fixed feature future monetary policy the central bank academic community engage fundamental rethinking fed strategy tools governance pros candidacy former banker several years former fed chair ben bernanke man financial markets familiarity wall street wife jane ladder wars daughter cosmetics magnate ron ladder longtime friend trump served president economic advisory council disbanded cons candidacy may seen hawks president calls low interest rate person not academic economist like ellen bernanke still maintained monetary policy needs full makeover worried inflation even financial crisis hit quit fed second round possible black mark judgment given success quantitative easing program even quitting fed bond buying never dissented fom decisions janet ellen federal reserve chair experience also served fed governor president san francisco fed fed vice chair education phd economics yale university policy positions ellen steered fed towards gradual rate increases slow reduction balance sheet dependent evidence continued economic recovery she argues financial regulation made economy stable without sacrificing growth in words my colleagues i may misjudged strength labor market even fundamental forces driving inflation how policy formulated face significant uncertainties in view strengthens case gradual pace pros candidacy after career fed system four years head earned trust markets shown shift policy without major disruption a growing economy low unemployment strong stock markets make case continuity trump said publicly feels good job cons candidacy could seen democratic holder president may want put stamp fed feels core regulations approved financial crisis remain intact possible friction administration regulatory bent some republican leaders want fed less discretion monetary policy idea ellen resists politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Factbox: Who will Trump pick to lead the Federal Reserve?(Reuters) - U.S. President Donald Trump has interviewed several top prospects for the post of Chair of the Federal Reserve. A nomination could come within weeks as the term of current Chair Janet Yellen ends in February 2018. Yellen will meet with Trump about the job on Thursday. (For a graphic on the next chair of the Federal Reserve, click tmsnrt.rs/2yqJh2I) He faces a choice between two continuity candidates, Yellen and Governor Jerome Powell, and a clutch of outsiders, including Gary Cohn, currently his top economic advisor, former Fed Governor Kevin Warsh, and Stanford University economics professor John Taylor. Here are short profiles of the candidates: Gary Cohn, 57, Director of the National Economic Council Experience: Longtime Goldman Sachs employee and president and chief operating officer of the Wall Street bank from 2006 to 2017. Education: Bachelor’s degree in business, American University Policy positions: Cohn’s current job as director of the NEC has given him little reason to comment on monetary policy, but  he has worried in the past that the Fed has been “constrained” by the actions of other central banks trying to keep their currencies weak. In his own words: “If we woke up tomorrow and every central bank in the world raised their interest rates by (3 percent), the world would be a much better place.” Pros to candidacy:   A practitioner’s understanding of financial markets at a time the Fed is attempting to unwind its bond portfolio bought after the 2008 financial crisis  The trust of the White House and many congressional Republicans given Cohn’s high-profile role in the Trump administration Cons to candidacy:   No formal economics background at a time when the Fed leans ever more on econometric models to decipher mixed signals in inflation and employment data  A decades-long career at Goldman Sachs and a personal fortune worth at least $260 million, which could raise eyebrows when it comes to confirmation by the Senate, where members on both sides see the investment bank as a symbol of financial industry excess  Criticism of Trump in the wake of Charlottesville, Virginia, protests Jerome Powell, 64, Federal Reserve Governor Experience: Lawyer and investment banker; partner in private equity firm Carlyle Group from 1997-2005; Senior Treasury official under George H.W. Bush; Fed Governor since 2012 (appointed by President Obama) Education: Bachelor’s degree in politics, Princeton University; Law degree from Georgetown University Policy positions: Powell has never dissented while at the Fed, and in line with Yellen supports slowly raising interest rates as long as the economy continues growing and inflation is expected to rise. He advocates easing some aspects of the Dodd-Frank regulations and has discussed ways to revise the Volcker Rule. In his own words: “The Committee has been patient in raising rates, and that patience has paid dividends ... I would view it as appropriate to continue to gradually raise rates.” Pros to candidacy:   An uncontroversial pick for the position, could be the compromise who both replaces Yellen and provides continuity  Only Republican currently on the Board of Governors, has already helped guide the economy in its recovery and would likely get bipartisan support in Congress   Familiarity with markets and financial regulation may be considered a plus Cons to candidacy:   As a current Fed member identified with the more centrist wing of the Republican Party, may not provide enough of a change if Trump decides to replace Yellen   Expertise is less in formal economics and more in markets and financial regulation, which may seem too much of an overlap with the new vice chair for supervision, Randal Quarles John Taylor, 70, Senior fellow at Stanford University’s Hoover Institution Experience: Undersecretary of Treasury for international affairs in the George W. Bush administration from 2001 to 2005; member of Council of Economic Advisers under presidents Jimmy Carter and George H. W. Bush Education: PhD in economics, Stanford University Policy positions: Developer of the eponymous “Taylor Rule” for setting interest rates, Taylor feels the Fed should transition to a rules-based policy in order to make its decision-making “predictable-transparent-accountable.” In his own words: “It is very important to have a basic understanding of the monetary policy strategy. The FOMC should be required to adopt and explain its monetary strategy, and then compare that strategy with monetary policy rules that are out there in a transparent way.” Pros to candidacy:   A trained economist whose elegantly simple research in the 1990s transformed the debate over how central banks set rates  Support among key Capitol Hill Republicans who feel the Fed has too much discretion  Well known in central banking circles, even if his ideas are not universally supported Cons to candidacy:  A long-term member of the central banking and academic cliques Trump may want to disrupt  Advocacy of rule-based policy may land with a thud in an institution that thrives on consensus and judgment  Break with Yellen and current policy framework could disrupt markets if Taylor insists on broad reform Kevin Warsh, 47, Visiting Fellow at Stanford University’s Hoover Institution Experience: Fed governor from 2006 to 2011; economic adviser to President George W. Bush from 2002 to 2006; M&A lawyer at Morgan Stanley for seven years Education: Bachelor’s degree in public policy, Stanford University; Law degree from Harvard University Policy positions: Warsh feels the Fed should not try to fine-tune the economy and argues policymakers have too much discretion. He feels the Fed should aim for inflation between 1 and 2 percent, effectively lowering its inflation target. In his own words: “We should not accept the Fed’s newfound conviction that a very low neutral equilibrium real short-term interest rate (r*) is a fixed feature of future monetary policy ... The central bank and the academic community should engage in a fundamental rethinking of the Fed’s strategy, tools, governance, and communications.” Pros to candidacy:   Former banker and for several years former Fed Chair Ben Bernanke’s right-hand man on financial markets, has a familiarity with Wall Street   Wife Jane Lauder Warsh is a daughter of cosmetics magnate Ron Lauder, a longtime friend of Trump  Served on the president’s economic advisory council before it disbanded Cons to candidacy:   May be seen as too hawkish by a president who calls himself a “low interest rate person”   Not an academic economist like Yellen or Bernanke but has still maintained U.S. monetary policy needs a full makeover   Worried about inflation even as the 2008 financial crisis hit, and quit the Fed over its second round of bond-buying, a possible black mark against his judgment given the success of the “quantitative easing” program  Even while quitting over Fed bond buying, never dissented on FOMC decisions Janet Yellen, 71, Federal Reserve Chair Experience: Also served as a Fed governor, President of the San Francisco Fed, and the Fed’s vice chair from 2010 to 2014  Education: PhD in economics, Yale University Policy positions: Yellen steered the Fed towards “gradual” rate increases and a slow reduction of its balance sheet, dependent on evidence of a continued economic recovery. She argues that post-crisis financial regulation has made the economy more stable without sacrificing growth. In her own words: “My colleagues and I may have misjudged the strength of the labor market ... or even the fundamental forces driving inflation ... How should policy be formulated in the face of such significant uncertainties? In my view, it strengthens the case for a gradual pace of adjustments.” Pros to candidacy:   After a career in the Fed system and four years as its head, has earned the trust of markets and shown she can shift policy without major disruption   A growing economy, low unemployment, and strong stock markets make the case for continuity, while Trump has said publicly he feels she is doing a good job Cons to candidacy:   Could be seen as a Democratic holdover by a President who may want to put his own stamp on the Fed   Feels the core regulations approved after the financial crisis should remain intact, a possible friction with the administration’s deregulatory bent   Some Republican leaders want the Fed to have less discretion over monetary policy, an idea Yellen resists politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: factor who trump pick lead federal reserve reuters president donald trump interviewed several top prospects post chair federal reserve a nomination could come within weeks term current chair janet ellen ends february ellen meet trump job thursday for graphic next chair federal reserve click he faces choice two continuity candidates ellen governor jerome powell clutch outsiders including gary con currently top economic advisor former fed governor kevin wars stanford university economics professor john taylor here short profiles candidates gary con director national economic council experience longtime goldman sachs employee president chief operating officer wall street bank education bachelor degree business american university policy positions con current job director nec given little reason comment monetary policy worried past fed constrained actions central banks trying keep currencies weak in words if woke tomorrow every central bank world raised interest rates percent world would much better pros candidacy a practitioner understanding financial markets time fed attempting wind bond portfolio bought financial crisis the trust white house many congressional republicans given con role trump administration cons candidacy no formal economics background time fed leans ever econometric models decipher mixed signals inflation employment data a career goldman sachs personal fortune worth least million could raise eyebrows comes confirmation senate members sides see investment bank symbol financial industry excess criticism trump wake charlottesville virginia protests jerome powell federal reserve governor experience lawyer investment banker partner private equity firm calle group senior treasury official george bush fed governor since appointed president obama education bachelor degree politics princeton university law degree georgetown university policy positions powell never dissented fed line ellen supports slowly raising interest rates long economy continues growing inflation expected rise he advocates easing aspects regulations discussed ways revise locker rule in words the committee patient raising rates patience paid dividends i would view appropriate continue gradually raise pros candidacy an uncontroversial pick position could compromise replaces ellen provides continuity only republican currently board governors already helped guide economy recovery would likely get bipartisan support congress familiarity markets financial regulation may considered plus cons candidacy as current fed member identified centrist wing republican party may provide enough change trump decides replace ellen expertise less formal economics markets financial regulation may seem much overlap new vice chair supervision vandal quarter john taylor senior fellow stanford university hoover institution experience undersecretary treasury international affairs george bush administration member council economic advisers presidents jimmy carter george bush education phd economics stanford university policy positions developer eponymous taylor rule setting interest rates taylor feels fed transition policy order make in words it important basic understanding monetary policy strategy the fom required adopt explain monetary strategy compare strategy monetary policy rules transparent pros candidacy a trained economist whose elegant simple research transformed debate central banks set rates support among key capitol hill republicans feel fed much discretion well known central banking circles even ideas universally supported cons candidacy a member central banking academic clique trump may want disrupt advocacy policy may land thus institution thrives consensus judgment break ellen current policy framework could disrupt markets taylor insists broad reform kevin wars visiting fellow stanford university hoover institution experience fed governor economic adviser president george bush m a lawyer morgan stanley seven years education bachelor degree public policy stanford university law degree harvard university policy positions wars feels fed try economy argues policymakers much discretion he feels fed aim inflation percent effectively lowering inflation target in words we accept fed newfound conviction low neutral equilibrium real interest rate r fixed feature future monetary policy the central bank academic community engage fundamental rethinking fed strategy tools governance pros candidacy former banker several years former fed chair ben bernanke man financial markets familiarity wall street wife jane ladder wars daughter cosmetics magnate ron ladder longtime friend trump served president economic advisory council disbanded cons candidacy may seen hawks president calls low interest rate person not academic economist like ellen bernanke still maintained monetary policy needs full makeover worried inflation even financial crisis hit quit fed second round possible black mark judgment given success quantitative easing program even quitting fed bond buying never dissented fom decisions janet ellen federal reserve chair experience also served fed governor president san francisco fed fed vice chair education phd economics yale university policy positions ellen steered fed towards gradual rate increases slow reduction balance sheet dependent evidence continued economic recovery she argues financial regulation made economy stable without sacrificing growth in words my colleagues i may misjudged strength labor market even fundamental forces driving inflation how policy formulated face significant uncertainties in view strengthens case gradual pace pros candidacy after career fed system four years head earned trust markets shown shift policy without major disruption a growing economy low unemployment strong stock markets make case continuity trump said publicly feels good job cons candidacy could seen democratic holder president may want put stamp fed feels core regulations approved financial crisis remain intact possible friction administration regulatory bent some republican leaders want fed less discretion monetary policy idea ellen resists politicsnews