Trump Announces Kevin Warsh as Federal Reserve Nominee, Economist Criticizes Choice; Colgate-Palmolive Reports Stronger-than-Expected Sales Growth

President Donald Trump announced his intention to nominate Kevin Warsh as the next chair of the Federal Reserve, marking a comeback for Warsh who was previously passed over for the top job in 2017. The announcement drew criticism from an economist who believed Trump had better choices. Meanwhile, Colgate-Palmolive reported stronger-than-expected sales growth in the fourth quarter, thanks to a rebound in Latin America.

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President Trump's Surprising Choice for Federal Reserve Chair

In a surprise move, President Donald Trump announced his intention to nominate Kevin Warsh as the next chair of the Federal Reserve. Warsh, who previously served on the US central bank's Board of Governors from 2006 to 2011 and has advised Trump on economic policy, would succeed Jerome Powell when his term ends in May.

The announcement marks a comeback for Warsh, who was passed over for the top job in 2017 when Trump selected Powell. Warsh, 55, has been a critic of the Federal Reserve's easy-money policies and is expected to take a more hawkish stance on inflation.

Economist Criticizes Trump's Choice

Neil Dutta, head of US economic research at Renaissance Macro Research, criticized Trump's choice. "I think the President had a range of better choices and he picked the worst one in front of him," Dutta said, adding that Warsh's nomination would not be good for the economy.

Colgate-Palmolive's Strong Sales Growth

In other business news, Colgate-Palmolive Co. reported stronger-than-expected sales growth in the fourth quarter, thanks to a rebound in Latin America. The company had to reformulate a new toothpaste flavor following adverse reactions in the region. The stronger sales growth helped offset higher costs for raw materials and transportation.

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