President Donald Trump plans to nominate Federal Reserve Gov. Jerome Powell to the top job at the U.S. central bank, according to four people familiar with the decision.
Trump has said he will announce his pick Thursday afternoon. In Powell, he will select a former private-equity executive who favors continuing gradual interest-rate increases and sympathizes with White House calls to ease financial regulations.
If confirmed by the Senate, the 64-year-old former Carlyle Group LP managing director and ex-Treasury undersecretary would succeed Fed Chair Janet Yellen, who has raised borrowing costs four times starting in late 2015 and just began scaling back the central bank's $4.5 trillion balance sheet.