US President Donald Trump is expected to nominate Jerome Powell as the next head of the Federal Reserve, putting his own stamp on the leadership of the U.S. central bank while signaling continuity on monetary policy.
Trump’s decision concludes a months-long process in which he considered five finalists, including current Fed Chair Janet Yellen, before settling on Powell who has served as a Fed governor since 2012, Reuters reported.
“I think Janet Yellen is excellent,” Trump told reporters during a meeting with his cabinet after declaring his intention to announce his choice the next day. Asked if she was his pick, Trump said: “I didn’t say that.”
He predicted people would be “extremely impressed” with the nominee, who will require Senate confirmation.
Trump also considered Stanford University economist John Taylor, former Fed Governor Kevin Warsh, and White House economic adviser Gary Cohn.
