President Donald Trump will pick Jerome “Jay” Powell to be the next Fed chair, The Wall Street Journal reported Wednesday, citing a source.
The White House has notified Powell in which the item intends to nominate him, the WSJ reported, citing a person familiar with the matter.
Figuring out who the administration would likely name to succeed current Fed Chair Janet Yellen has been one of Wall Street’s favorite parlor games in recent weeks. Powell has long been seen as a front-runner along with former Fed board member Kevin Warsh, Stanford economist John Taylor as well as Yellen herself.
Trump can be slated to announce his decision on Thursday, before he leaves for a trip to Asia on Friday. The WSJ report said the president had settled on his selection on Saturday however could change his mind.
Yellen’s four-year term expires in February. She took over as Fed chair in 2014 under President Barack Obama, succeeding the departing Ben Bernanke.
Powell has been seen as the “safe choice” to succeed Yellen because he can be not anticipated to veer drastically by current Fed policy. On Wednesday, the Fed left interest rates alone, though expectations are in which the item will raise rates at its next meeting in December.
Read the full WSJ report here.