Most on Wall Street welcomed the news that Powell is the likely nominee. Investment bank Deutsche Bank put out a note last week to clients saying Powell would be the best choice if Trump did not want to keep Yellen on. But some liberal groups, including Fed Up, were disappointed and see the selection of Powell as an attempt to make the Fed more favorable to big banks. "Jerome Powell's most important qualification is that he served with Janet Yellen. His confirmation should depend on his willingness to follow in Yellen's footsteps on both monetary and regulatory policy," said Shawn Sebastian, co-director of Fed Up, a campaign from the Center for Popular Democracy.

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