Jerome Powell, the man Donald Trump has picked to lead the US Federal Reserve, has been widely acclaimed as the “continuity candidate” on interest rates. But on the regulation of big banks and international finance, some observers see potential change on the horizon.

Investors are sanguine on rates because the Fed has signposted its intentions clearly — a hike in December followed by three next year, alongside a gradual shrinkage of its interventions in financial markets. Powell is Wall Street’s top choice because they see little evidence he will depart from that script, which was laid out by outgoing chair, Janet Yellen.