Trump to tap Fed's Jerome Powell for Fed chairman

The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.

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The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldn't describe what they discussed.

Mr. Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind. The president plans to formally announce the decision Thursday before he leaves for a trip to Asia on Friday.

Reached by phone Wednesday, both Mr. Powell and Fed Chairwoman Janet Yellen declined to comment. A Fed spokeswoman also declined to comment.

If confirmed by the Senate, Mr. Powell would succeed Ms. Yellen, whose four-year term as Fed chief expires in early February. She was one of five finalists for the position, along with Stanford University economics professor John Taylor, former Fed governor Kevin Warsh and National Economic Council Director Gary Cohn.

Mr. Taylor and Mr. Warsh didn't respond to requests seeking comment Wednesday.

Mr. Trump said in a video last week that he had "somebody very specific in mind" for the job.

"It will be a person who hopefully will do a fantastic job," Mr. Trump said in a video posted to Instagram, adding, "I think everybody will be very impressed."

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Kate Davidson contributed to this article.

Write to David Harrison at david.harrison@wsj.com

(END) Dow Jones Newswires

November 01, 2017 16:44 ET (20:44 GMT)