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White House intends to nominate Jerome Powell as Federal Reserve chair

Click to play video: 'Trump selects Jerome Powell as next Federal Reserve chair' Trump selects Jerome Powell as next Federal Reserve chair
WATCH ABOVE: Federal Reserve Governor Jerome Powell has been picked by the Trump administration to be the next Federal Reserve Chair, succeeding current Chair Janet Yellen whose term expires in February – Nov 2, 2017

WASHINGTON- The White House has notified Federal Reserve Governor Jerome Powell that it will nominate him as the next chair of the central bank, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.

The Journal said that President Donald Trump had spoken with Powell on Tuesday, a second unnamed source familiar with the matter told the newspaper.

Trump had settled on Powell to replace the incumbent Janet Yellen by Saturday, the newspaper said. A formal announcement will come on Thursday.

Yellen’s term as Fed chair expires in February 2018.

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